Maharah clarifies conciliatory measures for rejected contracts, deals

Logo of Maharah Human Resources Co.

Maharah Human Resources Co. announced conciliatory measures for the rejected contracts and deals with related parties, during the ordinary general meeting (OGM) held on June 28.

Regarding the contracts and deals with Spectra for Support Services Co., Maharah acquired the related parties’ 90% equity in Spectra. The acquisition was announced on Tadawul on Aug. 5, 2021. Maharah did not pay any acquisition considerations to any of the related parties. Accordingly, the company recognized a capital gain of SAR 10.9 million in shareholders’ equity in 2021. Spectra has not paid any dividends to the related parties, Maharah said in a statement to Tadawul.

For the contracts and deals concluded with Arabian Shifaa Medical Co., the Tadwul-listed firm acquired a majority stake of 85% in Shifaa. The acquisition was announced on Tadawul on Jan. 13, 2022. Maharah did not pay any acquisition value to the related party. Shifaa has not paid any dividends to the related party. Acquisition consideration was for SAR 85,000 paid to a non-related party owner.

For the rental agreement of Muzon head office in Maharah Tower, Maharah and Muzon Communications Systems Co. agreed to terminate the rental contract and grant Muzon six months to correct the situation. The contract was in favor of Maharah, as it increased the occupancy of tenancy in the tower, and the rent according to prevailing prices when signed, Maharah concluded.