Al Ahsa Development Co. shareholders approved a 50.47% capital hike to SAR 737.32 million from SAR 490 million during the extraordinary general assembly meeting held on Feb. 2, the company said in a bourse statement.

 

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

 

The capital increase is aimed at financing Al Ahsa’s full acquisition of Al Salam Medical Services, through issuing 24.73 million shares at par value to Al-Salam shareholders on a pro rata basis.

 

Al Ahsa will issue 1 share for every 0.808667 share in Al-Salam. Accordingly, Al-Salam will be fully owned by Al Ahsa, the statement added.

 

Key Figures of the Capital Hike

Current Capital

SAR 490 mln

Number of shares

49 mln

Hike (%)

50.47% through issuing 24.73 mln shares

New Capital

SAR 737.32

New number of shares

73.73 mln

Purpose of increase

Acquisition of 100% of Al Salam Medical Services

Capital hike date

Feb. 2

Owners of newly issued shares

To be distributed to Al-Salam shareholders on a pro rata basis

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