Miahona Finalizes Full Acquisition of Shas Water Services for SAR 95.01 Million

Miahona Co. Finalized its full acquisition of Shas Water Services Co. For SAR 95.01 million, plus an earn-out of up to SAR 7.7 million, the company said in a statement to Tadawul. Argaam reported the completion on November 2, 2026. Shas Water is now a wholly owned subsidiary of Miahona.

Miahona Closes Shas Water Purchase

Miahona said all conditions precedent under the sale and purchase agreement were satisfied before the deal closed. The SAR 95.01 million consideration is payable as set out in the SPA, and the additional earn-out of up to SAR 7.7 million depends on the actual performance of Shas Water and its affiliates.

Miahona said the transaction supports its strategy to expand its water distribution business in Riyadh, serving commercial, residential and industrial customers. The company said the deal is expected to strengthen its position as a water service provider within industrial cities and to create operational synergies and upsides tied to prospective new business development opportunities.

The financial impact on Miahona's financial statements will appear starting from Q4 2026. Miahona reaffirmed its commitment to its growth and expansion strategy across its business segments and to supporting sustainable long-term returns for shareholders.

Miahona signed the sale and purchase agreement in June to fully acquire Shas Water, including its ownership in subsidiaries, for SAR 95.01 million, with the consideration potentially rising to a maximum of SAR 102.71 million, according to Argaam data.

Uzbekistan Talks and Competition Approval Preceded the Close

On October 10, 2026, Uzbekistan reviewed progress on joint projects with Miahona in drinking water supply and wastewater treatment at a working meeting led by Minister Laziz Kudratov, Uzdaily reported. The meeting involved ministries, agencies, Franklin Templeton and Miahona.

On September 10, 2026, Miahona received no-objection from the General Authority for Competition to complete the economic concentration transaction to fully acquire Shas Water, Argaam reported. The deal, signed in June, was priced at SAR 95.01 million, potentially rising to SAR 102.71 million, and remained subject to other conditions precedent at that time.

In June 2026, Miahona signed a public-private partnership agreement with Uzbekistan's Uzbekosuvtaminot to rehabilitate, operate and maintain the Zamin water treatment plant in the Jizzakh region, with a project value of SAR 394 million ($105 million), Argaam reported.

Shas Water Becomes a Wholly Owned Unit

Shas Water Services Co. Is now a wholly owned subsidiary of Miahona, following satisfaction of all conditions precedent under the sale and purchase agreement. The earn-out of up to SAR 7.7 million will be paid based on the actual performance of Shas Water and its affiliates, as agreed in the SPA.