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.
- Date: 22-Mar-2022
- Source: Mubasher
- Sector:Economy
- Country:Saudi Arabia
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
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