Dallah Healthcare Company Announces the Completion of the Procedures of the Acquisition of Shares in International Medical Center Company
|Introduction||Dallah Healthcare Company ("Dallah") announces the completion of the procedures for the acquisition of shares in International Medical Center Company|
|Acquisition Procedures Conclusion Date||2023-01-16 Corresponding to 1444-06-23|
|Summary of Acquisition / Purchase||The completion of the procedure of acquiring the entire shares of Kun Investment Holding Company (hereinafter referred to as the "Selling Shareholder of IMC") in the capital of International Medical Center Company, which equals to fourteen million, two hundred thirty-two thousand and six hundred ninety (14,232,690) ordinary shares, representing 18.98% of the capital of International Medical Center Company, in exchange for the issuance of new shares in the Dallah to the Selling Shareholder of IMC, whereby the capital of Dallah will be increased from nine hundred million Saudi Riyals (SAR 900,000,000) to nine hundred seventy-six million, eight hundred eleven thousand and six hundred sixty Saudi Riyals (SAR 976,811,660) through the issuance of seven million, six hundred eighty-one thousand and one hundred sixty-six (7,681,166) new ordinary shares, thus increasing the total number of DHC's shares from ninety million (90,000,000) ordinary shares to ninety-seven million, six hundred eighty-one thousand and one hundred sixty-six (97,681,166) ordinary shares, representing an increase of about 8.53% of the Capital of DHC. Following the completion of the acquisition of the shares in International Medical Center Company, Dallah’s ownership percentage will be 27.18%.|
|Related Parties|| It should be noted that the Acquisition includes the following Related Parties:
• Dallah Al-Baraka Holding Company (as a substantial shareholder in the Dallah);
• Abdullah Saleh Kamel for being: (i) the Chairman and the substantial shareholder (directly and indirectly) in Dallah Al-Baraka Holding Company, and (ii) the sole shareholder of the Selling Shareholder of IMC;
• Muhei Addein Saleh Kamel for being the Vice-Chairman of the Dallah and the brother of Abdullah Saleh Kamel; and
• Mohamed Nabil Hefni for being: (i) a director in the Company; (ii) the CEO of the Selling Shareholder of IMC; and (iii) a director in International Medical Center Company*.
*It is worth noting that Mohamed Nabil Hefni resigned from the board of directors of International Medical Center Company as part of the conditions required to complete the acquisition.
|Financial Impact||The financial impact will be visible on the financial results starting from the first quarter of the fiscal year 2023G|
|Ownership and Legal Documents Transfer Conclusion Date||23/06/1444H (corresponding to 16/01/2023G)|