Riyadh – Mubasher: Ayyan Investment Company signed a share purchase agreement to acquire non-controlling equity of 26.43% in its subsidiary Al Ahsa Medical Services Company, according to a bourse disclosure on Sunday.
Ayyan Investment acquired the entire 3.96 million shares of Al Othman Holding Company, Saad Abdulaziz Al Hussein and Sons Company, Ibrahim Abdullah Al Afaleq and Sons Company, and Rashid Saad Al Rashid in Al Ahsa Medical Services.
The acquired stake was in exchange for issuing 6.9 million new shares in Ayyan Investment to the shareholders of the four firms. Therefore, the listed company’s capital will be increased to SAR 806.36 million distributed over 80.63 million shares, compared with SAR 737.32 million and 73.73 million shares.
Following the acquisition, Ayyan Investment will own 96.37 % in Al Ahsa Medical Services.
Completing the acquisition transaction is still subject to approvals from the Capital Market Authority, Tadawul, the extraordinary general meeting, the General Authority for Competition, and other relevant approvals.
Last December, Ayyan Investment entered into negotiations with the shareholders of Al Ahsa Medical Services to increase its stake in the subsidiary.
The listed company later appointed Aljazira Capital as a financial advisor for this transaction.