Naba Alsaha announces details of Al Anwar Medical acquisition

Logo of Naba Alsaha Medical Services Co.

Nomu-Parallel Market-listed Naba Alsaha Medical Services Co. announced the details of the SAR 22 million purchase agreement signed to acquire Al Anwar Medical Co.

The company also said the deal is part of its strategic plan of expansion across the Kingdom, which aims to boost its market share and increase its bed capacity from 125 beds to 185 beds, which will result in an increase in the company's revenues in the future.

The terms details of the deal and its financing method:

- Paying an amount of SAR 16.6 million from the company's self-resources.

- Returning the amount of SAR 0.838 million from Al-Anwar Medical to the selling company (Saudi Medical Care Group), which represents the cash balance on the date of the cut-off date Feb. 28, 2023.

- Returning the amount of SAR 1.51 million previously financed by the selling company (Saudi Medical Care Group) after the cut-off date until April 18, 2023, which agreed to be paid back in four monthly equal payments.

- In the event that any amounts of trade receivables that exceed 180 days from the cut-off date are collected, which amount to about SAR 3.1 million, they are returned to the seller (Saudi Medical Care Group). 

The company announced yesterday, May 2, the signing of a SAR 22 million purchase agreement to acquire Al Anwar Medical, Argaam's data showed.