Riyadh – Mubasher: Al Ahsa Development Company (ADC) signed an appendix of the binding purchase agreement to acquire 100% of Al Salam Medical Services Company.

The deal includes amending the paragraph related to determining the issue price, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The price will be determined based on the average closing price during the 90 days before signing the purchase agreement, which will be SAR 10.108 apiece.

Accordingly, the Saudi-based company will raise its capital by 51% to SAR 740 million from SAR 490 million.

Al Ahsa noted that there is no financial impact of changing the terms of the agreement.

In March, Al Ahsa announced acquiring 100% of Al Salam Medical Services, which owns a 495-bed hospital under construction in Al-Khobar city, through a share swap agreement.