Dallah Acquires Care Shield Holding for SAR 434.3M | Mahara Deal

One of Dallah Health Services Company’s hospitals

Dallah Health Company and Maharah Human Resources Company announced that Dallah Health and Growth Path signed an agreement last Thursday to purchase all the shares owned by Growth Path Company to invest in Care Shield Holding Company (Kingdom Hospital and Consulting Clinics), amounting to 5.17 million shares, which represent 41.36% of Care Shield’s capital, at a value of 434.3 million riyals.

The two companies stated in their separate statements on Tadawul that Care Shield Holding Company currently owns 58.64% of the capital (it is not a party to the agreement), and Dallah Health indicated that the agreement will result in it owning the entire capital of Care Shield Company.

They stated that the two parties agreed to adhere to the usual and agreed upon representations, guarantees, and provisions, and to the conditions that include transferring ownership of the shares of the Growth Path Investment Company in the Care Shield Company to Dallah Health Company in the shareholder registry, and Dallah Health Services Company issuing the check containing the cash compensation in favor of the Growth Path Company.

Dallah Health added that the deal was financed from its own resources and financing facilities, pointing out that the deal comes as a strategic step for Dallah Health Company to expand quality health services and reach a larger segment of patients, which contributes to achieving the company’s goals in terms of future growth, maximizing shareholders’ rights, and achieving their aspirations.

Dallah Health stated that the deal will contribute to strengthening its presence in the capital, Riyadh, through advanced health facilities and delivering its reliable health care to a larger segment of patients and through a broader base of medical specialties and competencies. The deal will also increase the share of net profit attributable to Dallah Health shareholders from Care Shield profits as a result of Dallah Health’s acquisition of all shares in Care Shield.

Maharah explained that the deal was implemented pursuant to a share sale and purchase agreement concluded between the two parties, which included representations, warranties and generally accepted provisions, including the payment of cash compensation to the Growth Path Company.

Maharah stated that the investment balance in Care Shield Holding Company in the company’s consolidated statement of financial position amounted to approximately 333 million riyals as of September 30, 2025, noting that the investment value will be updated by adding the company’s share of Care Shield Company’s results for the period from October 1, 2025 until the date of concluding the deal, in accordance with applicable accounting standards.

Maharah added that this deal comes within its approach to managing its investment portfolio and achieving its investment goals, by achieving returns on its investments and enhancing the efficiency of capital allocation, in line with its strategic priorities, indicating that the proceeds resulting from the sale process will be used to support and enhance the company’s financial position, in line with its strategic directions, and in the interest of the company and its shareholders.

The two companies said that the Care Shield achieved revenues of 428.9 million riyals during the fiscal year 2024. The following table shows the sponsorship shield revenues for the last three years:

She explained that Dallah Health Company and Growth Path Company obtained a non-reporting certificate regarding the deal from the General Authority for Competition, indicating that there are no related parties.

According to the data available on numbersLast October, Maharah Human Resources and Dallah Health announced the signing of a non-binding memorandum of understanding to study the deal, and at the beginning of this December the deal was extended until December 21, 2025.


It is noteworthy that the Growth Path Investment Company is a one-person company, and it is a limited liability company wholly owned by Maharah Human Resources Company.