Maharah’s unit to acquire 40% stake in hospital catering service provider Saudi Medical

RIYADH: The Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed a deal to acquire 40 percent of the Saudi Medical Systems Co.

Established in 1996, Riyadh-based Saudi Medical Systems specializes in providing catering services to hospitals.

The two parties completed the due diligence process and signed a sales and purchase agreement on Apr. 22, Maharah said in a bourse filing without disclosing the value of the transaction.

Subject to approval by Saudi Arabia’s General Authority for Competition, the deal comes as GAC is seeking to expand its reach through a number of acquisitions.

It signed an agreement last year to buy a majority stake of 85 percent in Alshifa Al Arabia Medical Co.