Maharah affiliate wins SAR 669.7M National Guard contract

Maharah Human Resources Co. stated that Saudi Medical System (SMS) won an award from the Health Affairs Facilities of the Ministry of National Guard, valued at up to SAR 669.65 million, including VAT.
SMS is an associate 40%-owned indirectly by Maharah through its wholly owned subsidiary Growth Avenue Investment Co.

According to a statement on Tadawul, the award covers the provision, preparation, management, and operation of food and catering services for the Health Affairs Facilities across the Kingdom for five years.

However, the award is subject to completing the statutory and final procedures under the Government Tenders and Procurement Law, including submitting the final guarantee, signing the contract, and fulfilling the relevant requirements.

The company will disclose any material developments in this regard in accordance with applicable laws and regulations.

Maharah expects the project’s financial impact to be reflected in its share of SMS results after the final procedures are completed and the project begins operations, based on Maharah’s indirect 40% ownership.

The impact is expected to continue throughout the contract term.

The company noted that Growth Avenue received a notice, on Sept. 16, from SMS regarding the award. Maharah disclosed the event promptly after receiving the relevant information, in line with the statutory requirements of the regulatory authorities and the Saudi Exchange.