Care shareholders to vote on acquiring Al Salam Health Medical Hospital on Sept. 18

Logo of National Medical Care Co.

National Medical Care Co.’s (Care) shareholders will vote on acquiring 100% of Al Salam Health Medical Hospital, a subsidiary of Saudi Medical Care Group (SMG), during an ordinary general meeting (OGM) scheduled for Sept. 18.

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The deal is valued at SAR 44 million, provided that it is executed at fair value based on commercial principles with no preferential terms, according to a Tadawul filing today, Aug. 20.

Board member Saad Al-Fadly, CEO of Hassana Investment Co. and Investment Director at the General Organization for Social Insurance (GOSI), has an indirect interest in the transaction for also being SMG’s owner.

Meanwhile, the related parties are Ahmed Al-Qahtani, being a Care board member and SMG's Chairman, and Faraj Al-Qabani who is a Care board member and SMG’s Acting CEO.

On June 23, Care inked a share purchase agreement with SMG to acquire the entire share capital of Al Salam Health Medical Hospital for SAR 44 million, subject to customary purchase price adjustments, according to Argaam's data.

Al Salam Health Medical Hospital is a multi-specialty, 100-bed facility located in Riyadh. The acquisition value will be financed via the company’s internal sources and bank loans.