Al Ahsa Development Co. shareholders are set to vote on a 50.47% capital hike to SAR 737.32 million from SAR 490 million during the extraordinary general assembly meeting that will be held on Feb. 2, 2020.

 

The company proposes to issue 24.7 million shares in a move to acquire the entire stake in Al Salam Medical Services, it said in a bourse filing to Tadawul on Thursday.

 

Accordingly, the number of shares will be increased from 49 million shares to 73.73 million.

 

The votes of related parties, represented in Ahmed Abdullah Abdulaziz Al-Khail, will not be counted, the statement noted.

 

In March 2019, Al Ahsa signed an agreement to acquire 100% of Al Salam Medical Services via increasing its capital by 51% to SAR 740 million.

 

Key Figures of the Capital Hike

Current Capital

SAR 490 mln

Number of shares

49 mln

Hike (%)

50.47%

New Capital

SAR 737.32

New number of shares

73.73 mln

Record date

Feb.2, 2020

Purpose of increase

Acquisition of Al Salam Medical Services

Number of issued shares

24.73 mln

Owners of newly issued shares

To be distributed to the owners of the acquired company according to their stakes

 

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