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Ayyan Investment’s shareholders nod to SAR 69m capital raise

Ayyan Investment’s shareholders nod to SAR 69m capital raise
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AYYAN
2140
0.98% 14.36 0.14

Riyadh – Mubasher: The shareholders of Ayyan Investment Company gave the green light for the board’s recommendation to increase the capital by SAR 69.04 million, representing 9.4%, to acquire equity in Al Ahsa Medical Services company.

Following the approval, the capital will stand at SAR 806.36 million distributed over 80.63 million shares, compared to SAR 737.32 million and 73.73 million shares prior to the raise.

Ayyan Investment intends to acquire the entire 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.

The combined equity shares of the four firms total 3.96 million ordinary Shares, representing 26.43% of Al Ahsa Medical Services’ capital.

Ayyan Investment will issue 6.9 million new shares to the four selling shareholders of Al Ahsa Company in exchange of acquiring the potential equity.

The share swap ratio is 1.741 new shares in Ayyan Investment for every one share owned in Al Ahsa by the selling shareholders.

Ayyan Investment noted that following the completion of the capital raise, Al Ahsa will remain a subsidiary of the listed firm with equity ownership representing 96.37%.

Last August, the Capital Market Authority (CMA) approved for Ayyan Investment to raise the capital in order to conclude the potential stake acquisition.