Riyadh – Dallah Healthcare Company has signed a purchase agreement for a 10% stake in Meras Arabia Medical Holding Company.
The deal is valued at SAR 12.2 million, according to a company statement to the Saudi Stock Exchange (Tadawul).
Dallah currently owns 18.9% of Meras, which is specialized in dental and aesthetic medicine.
This is part of Dallah Healthcare’s plan to gradually acquire a total stake reaching 70% of Meras through an irrevocable option to buy the rest of the fund that owns 44.3% stake in the company after its maturity, as well as a two-year call option to acquire additional 16% stake directly from owners.
Meras Arabia Medical Holding Company is a group of 13 medical centres across Riyadh. The centres are offering cosmetic dermatology and dental care services and other general healthcare services.
Meras achieved around 17.5% growth in revenues from SAR 57 million in 2017 to SAR 67 million in 2018, while net profits increased by around 22% for the same period from SAR 11.5 million to SAR 14 million.
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