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Dallah Healthcare raises capital via stake acquisition in IMC for SAR 712m

Dallah Healthcare raises capital via stake acquisition in IMC for SAR 712m
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DALLAH HEALTH
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Riyadh – Mubasher: Dallah Healthcare Company has entered into a share purchase agreement (SPA) to acquire Kun Investment Holding Company’s entire shares in International Medical Center Company (IMC), increasing its equity ownership to 27.18%. 

Dallah Healthcare purchased the 14.23 million shares of Kun Investment, representing 18.98% of IMC’s capital, for SAR 711.63 million, according to a bourse filing.

Upon completion of the equity acquisition process, Dallah Health will increase its capital by 8.53% to SAR 976.81 million from SAR 900 million. The new capital will be distributed over 97.68 million shares, compared to 90 million shares prior to the hike.

Meanwhile, the share swap ratio is 0.5397 new shares in the listed company for every one owned share in the medical centre that is located in Jeddah. Earlier this year, Dallah Healthcare inked a non-binding deal with Kun Investment for a share swap transaction.

Last October, Dallah Healthcare penned an agreement worth SAR 289 million to acquire 8.20% equity in IMC.

During the first three months (3M) of 2022, the listed firm reported net profits after Zakat and tax of SAR 86.90 million, an annual jump of 59.12% from SAR 54.61 million.