GOSI subsidiary inks share swap agreement with NMC Health PLC

Hassana Investment Company, a subsidiary of the General Organization for Social Insurance (GOSI), has signed a non-binding share swap agreement with NMC Health PLC to enter into a private sale transaction.

“This transaction has Hassana Investment Company and GOSI swapping their ownership in the National Medical Care Company, in return for shares in NMC Saudi Arabia Healthcare, a company owned by NMC Health PLC,” according to a statement posted by Care on Tadawul. “Thus, if this private transaction is made, NMC Saudi Arabia Healthcare will become a shareholder in the National Healthcare Care Company instead of Hassana Investment Company and GOSI.”

As a result, Care will become an indirect owner of the National Medical Care Company.

Care’s stock is valued at SAR 70 per share in the swap.

Any binding agreement between the parties will be subject to the financial and legal due diligence, while the final deal will be subject to other conditions and regulatory approvals, it said.

The deal is not expected to have an impact on Care’s strategy, business or employees, the firm said.

Any material developments will be revealed as they occur, it added.