Al Ahsa extends MoU to buy Al Salam until Feb. 28

27/11/2019 Argaam

Al Ahsa Development Co. (ADC) announced on Wednesday extending a binding memorandum of understanding (MoU) for 93 days to buy Al Salam Medical Services Co. until Feb. 28, 2020.

 

The deal was extended to fulfill the procedures required for fully acquiring Al Salam, ADC said in a bourse statement.

 

ADC will increase its capital from SAR 490 million through issuing shares to Al Salam at SAR 10.108 each.

 

Accordingly, its total number of shares will be increased to 73.7 million from SAR 49 million.

 

The planned acquisition will have no impact on ADC’s financials, the statement added.

 

In March 2019, ADC signed an agreement to fully acquire Al Salam Medical for a total value of SAR 250 million under a share swap deal, Argaam reported.

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