2023-09-10 05:32:00
National Medical Care Company “Reaya”
Saudi Arabia market
“Reaya” borrows 350 million riyals from Gulf International Bank
Dubai – Al Arabiya.net
Published on: September 10, 2023: 09:32 AM GST Last updated: September 10, 2023: 09:57 AM GST
The National Medical Care Company “Reaya” announced today, Sunday, the purchase of the Chronic Care Specialized Medical Hospital Company for approximately 193.22 million riyals.
“Care” said in a statement on “Saudi Tadawul” that the company targeted for the acquisition is a health care company whose main headquarters is located in the city of Jeddah and provides its services through a hospital located in the city of Jeddah on Hamza Shehata Street in the Al-Baghdadiyah Al-Gharbiya neighborhood. The hospital provides many medical services. These include comprehensive medical care, long-term nursing care, hospice care, palliative care and other medical services.
She added that the price of the deal will be paid through internal “care” sources and bank financing.
The Chronic Care Specialized Medical Hospital Company is a one-person company, and its revenues amounted to regarding 96.82 million riyals in 2022.
The deal aims to contribute to achieving Care’s investment strategy through expansion in the field of health care and exploiting growth opportunities in relevant markets.
It is expected that the financial impact of the deal will appear once the deal is completed and ownership of the target company is transferred to the buyer.
It indicated the presence of related parties, including the Saudi Medical Care Group, in its capacity as the seller and a major shareholder in the buyer, and the seller owns 49.20% of the buyer’s capital shares and 100% of the target company’s capital shares.
The nature of the interest is that the seller is a major shareholder in the buyer and the sole owner of the target company.
In a separate statement, the National Medical Care Company announced obtaining long-term Murabaha financing compatible with Islamic Sharia from Gulf International Bank worth 350 million riyals.
The financing period is divided into a revolving loan worth 100 million riyals, which is renewed periodically, and a long-term loan worth 250 million riyals for a period of 10 years with a grace period of one year.
The company aims to finance the company’s working capital needs and support its strategy through acquisitions and expansion.
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