Care shareholders OK buyout of Al Salam Health Medical Hospital

Logo of National Medical Care Co.

Shareholders of the National Medical Care Co. (Care) approved the acquisition of 100% of Al Salam Health Medical Hospital, a subsidiary of the Saudi Medical Care Group (SMG), during the ordinary general meeting (OGM) on Sept. 18.

The acquisition is valued at SAR 44 million and will be carried out at fair value on general commercial terms without any preferential conditions, the company said in a statement to Tadawul.

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Care board members have indirect interest, with Saad Al-Fadhli being the CEO of Hassana Investment Co., Investment Manager at the General Organization for Social Insurance (GOSI), and SMG owner.

In addition, Ahmed Al-Qahtani has an indirect interest, being a Care board member and SMG Chairman. Faraj Al-Qabbani is also a Care board member and SMG Acting CEO.

According to data available on Argaam, the General Authority for Competition (GAC) recently approved Care’s acquisition of 100% of Al Salam Health Medical Hospital, a multi-specialty 100-bed facility in Riyadh.

The acquisition value will be paid in cash through a combination of the company’s internal resources and bank loans, the statement added.