Maharah subsidiary gets GAC no objection on Care Shield acquisition

28/08/2022 Argaam

Logo of Maharah Human Resources Co.

Maharah Human Resources Co.’s fully-owned subsidiary Growth Avenue Co. received on Aug. 25 a "no obligation to report" from the General Authority for Competition (GAC) regarding the acquisition of a 41.36% stake in Care Shield Holding Co., according to a bourse statement.

 

Accordingly, the parties can now complete the acquisition transaction, which is currently 90% fulfilled.

 

Growth Avenue will proceed with the acquisition process, after satisfying all conditions precedent to closing.

 

Further updates on closure and transfer of shares will be announced in due course, the statement added.

 

Earlier this month, Growth Avenue signed a sale and purchase agreement (SPA) to acquire the 41.36% stake held by El Seif Commercial Investment Co. Ltd. and Saudi Medicare Co. Ltd. in Care Shield Holding Co. (Kingdom Hospital & Consulting Clinics), Argaam reported.

 

In March, Maharah’s subsidiary signed a non-binding memorandum of understanding (MoU) with El Seif and Saudi Medicare to acquire their full equity in Care Shield Holding.

 

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