Riyadh – Mubasher: National Medical Care Company (NMC) signed a share purchase agreement with Saudi Medical Care Group to fully acquire Chronic Care Specialized Medical Hospital Company at a value of SAR 193.21 million.
NMC highlighted that the completion of the transaction is still subject to regulatory approvals, according to a bourse filing.
Meanwhile, the purchase price will be paid fully in cash through internal sources and bank loans.
The deal aligns with the listed firm's investment strategy to expand business in the health services sector and leverage the growth opportunities available in the relevant market.
Facility Deal
NMC obtained a SAR 350 million loan from Gulf International Bank (GIB) through a facility agreement that is secured by a promissory note with the total amount of the loan.
The financing comprises SAR 100 million as a revolving loan renewed periodically and a SAR 250 million long-term loan for 10 years, including a grace period of one year.
The Saudi-listed firm will use the facilities to finance its working capital and back its strategy through financing acquisitions and expansion.
Last June, NMC fully acquired Jiwar Medical Services Company.
