Sulaiman Al Habib gets GAC nod to acquire 25% stake in Tamkeen Human Resource

Logos of Dr. Sulaiman Al Habib Medical Services Group and Tamkeen Human Resource Co.

The General Authority for Competition (GAC) approved today, March 24, issued a no-objection certificate for the economic concentration arising from Dr. Sulaiman Al Habib Medical Services Group’s planned acquisition of a 25% stake in Tamkeen Human Resource Co.

The competition authority studied the temporary labor activities market to determine if the acquisition would undermine competition. The study concluded that it is not expected that there would be concerns that affect competition in the Kingdom, since there are no intersections of the main products of the parties to the deal.

There are no organizational or structural impediments in the temporary labor activities market.

The target establishment owns a market share that does not raise competition concerns in the relevant market, the GAC said.

On Feb. 21, Sulaiman Al Habib entered into a share purchase agreement with the selling shareholders of Tamkeen pursuant to which it agreed to acquire 25% of the share capital of Tamkeen. 

The completion of the acquisition transaction process is subject to customary completion conditions which are in the process of being satisfied or waived in accordance with the terms of the agreement, the company said in a bourse filing. 

The firm also confirmed that there are no related parties in connection with the acquisition deal. 

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