NMC Health, Hassana Investment sign Saudi JV pact

05/03/2019 Argaam

 

UAE-based NMC Health and Hassana Investment Company, the investment arm of Saudi Arabia’s General Organization for Social Insurance (GOSI), have signed an agreement to form a joint venture (JV) in healthcare.

 

All commercial terms and agreements have been finalized, NMC said in a statement on Tuesday.

 

The JV consists of NMC's five assets in the Kingdom and an additional cash injection at closing, and GOSI's contribution of 38.88 percent stake in Tadawul-listed National Medical Care Company (Care) at a price of SAR 54 per share.

 

At the closing of the transaction, NMC will own a 52 percent stake and GOSI will own a 48 percent stake (through a wholly-owned subsidiary vehicle) in the new venture.

 

NMC will have operational control of the new company, the statement said.

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