Maharah Human Resources Co. — M&A Activity 2022

Mar 22, 2022

Maharah Human Resources Co. (“Maharah”) announces signing a non-binding MOU between its 100% owned subsidiary Growth Avenue Investment Company and shareholders (“Sellers”) of Saudi Medical Systems Company (“SMS”) to acquire 40% of their shares in SMS.

1831 · 22/03/2022 08:13:19 · Announcement #67221 · View on Saudi Exchange

Maharah Human Resources Co. (“Maharah”) announces signing a non-binding MOU between its 100% owned subsidiary Growth Avenue Investment Company and shareholders (“Sellers”) of Saudi Medical Systems Company (“SMS”) to acquire 40% of their shares in SMS.

Element List	Explanation
Introduction	Maharah Human Resources Co. (“Maharah”) announces that its 100% owned subsidiary - Growth Avenue Investment Company –signed a non-binding MOU with shareholders of Saudi Medical Systems Company (“SMS”) to acquire 40% of their shares in SMS. SMS is a Saudi closed joint stock company established in 1996 specialized in providing catering services to hospitals.
Date of signing the Memorandum of Understanding	2022-03-21 Corresponding to 1443-08-18
Memorandum Duration	90 days extendable with the approval of the Sellers and the Buyer
Name of the Counterparty	Shareholders of Saudi Medical Systems Company
Name of Financial Advisor of Each Party	Not applicable
Major Terms in the Memorandum	Final valuation will be subject to completion of due diligences. Closing of the transaction is subject to the approval of Maharah Board of Directors, the Sellers and the required approvals of concerned authorities, including the no-objection of the General Authority of Competition.
Related Parties	There are no related parties in this agreement
Actions to be Taken by the Company during the Memorandum’s Duration	Conducting full due diligences, valuation, final negotiations, signing a Share Purchase Agreement (SPA) and applying for approvals from relevant authorities.
Approvals	Any binding agreement is subject to the approval of Maharah BoD, the Sellers and the approvals from concerned authorities including the no-objection of the General Authority of Competition.
Additional Information	Further announcements will follow upon any important development with regards to the subject of the MOU.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.