Saudi recruitment firm Maharah Human Resources announced that, through its wholly-owned subsidiary, it has signed a memorandum of understanding to acquire an 85% stake in Arabian Shifa Medical Co.

Financial details were not disclosed.

 Arabian Shifa Medical Co. specialises in home healthcare services and the operation of medical centres.

The terms of the memorandum include the completion of financial and legal due diligence and obtaining required approvals.

The company will conduct a full due diligence, valuation, final negotiations, signing of a share purchase agreement (SPA), and applying for approvals from relevant bodies, within the MoU period.

Any binding agreement is subject to board of directors’ approval and other relevant approvals, the company said, adding that further announcements will follow once there are essential developments related to the acquisition.

Last month, Maharah Human Resources reported revenue fell by 8.5% for the second quarter of 2021.