Ayyan Investment Company Announces the Signing of a Non-binding Memorandum of Understanding with Dallah Healthcare Company
| Element List | Explanation |
|---|---|
| Introduction | Ayyan Investment Company (“the Company”) announces the signing of a Non-binding Memorandum of Understanding (“the Memorandum”) with Dallah Healthcare Company to Sell the Company’s Shares in Al-Ahsa Medical Services Company, which owns Al-Ahsa Hospital in Al-Ahsa (amounting to 97.41%), and Al-Salam Medical Services Company, which owns Al-Salam Hospital in Al-Khobar. (amounting to 100%) by Exchanging Shares or as Agreed upon between the parties. |
| Memorandum Signing Date | 2024-02-25 Corresponding to 1445-08-15 |
| Counterparty | Dallah Healthcare Company |
| Memorandum Subject | The Memorandum of Understanding concluded between the Company and Dallah Healthcare Company relates to the process of exchanging shares owned by Ayyan Investment Company in both Al-Ahsa Medical Services Company and Al-Salam Medical Services Company, in exchange for issuing New Shares in Dallah Healthcare Company through increasing the capital of Dallah Healthcare Company, or according to the payment mechanism to be agreed upon by the parties (the proposed deal). |
| Memorandum Duration | The memorandum will take effect from the date it is signed by both parties and will remain in effect for a period of (180) days unless the parties agree otherwise in writing. |
| Related Parties | The proposed transaction does not involve any related parties. |
| Financial Impact | The financial impact will be determined later. |
| Additional Information | The proposed deal is subject to the completion of the financial, tax and legal due diligence process, and the proposed deal is subject to obtaining regulatory approvals from the relevant authorities & shareholders approval. The company’s financial advisor will be determined later.
Signing the memorandum of understanding does not necessarily mean a commitment to enter into the proposed deal between the parties. Any developments regarding the proposed deal will be announced in due course. |
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