RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed the acquisition of a 41 percent stake in Care Shield Holding Co. in a deal valued at SR307 million ($90 million).
The title to the shares was transferred to the buyer, Maharah said in a bourse filing.
The deal was financed in part by the company’s own resources and in part by a loan from Al Rajhi Bank.
Growth Avenue Investment qualifies for a profit share from the acquired stake as of Jan. 1, 2022.
In August, Maharah announced that Growth Avenue had received the General Authority of Competition’s nod to proceed with acquiring Care Shield Holding.