CMA approves capital hike of AYYAN Investment to acquire 26.4% of Al-Ahsa Medical Services

Logo of AYYAN Investment

The Capital Market Authority (CMA) approved today, Aug. 30, AYYAN Investment Co.’s request to increase its capital from SAR 737.3 million to SAR 806.4 million by issuing 6.9 million ordinary shares to acquire 26.43% shares of Al-Ahsa Medical Services Co.

The authority said in a statement that the shareholder circular related AYYAN’s capital increase will be published within sufficient time before the extraordinary general assembly meeting (EGM).

The circular must include all relevant information that the shareholders need to know before making an informed decision when voting on the capital increase for the purpose described, including the increase in capital and risk factors.

According to data compiled by Argaam, AYYAN inked a share purchase agreement, on April 15, 2021, with a number of shareholders to buy non-controlling stakes in Al-Ahsa Medical Services Co. via share swap.

The agreement was inked with Al-Othman Holding Co., Saad Abdulaziz Al-Hussein and Sons Co., Ibrahim Abdullah Al-Afaleq and Sons Co. and Rashid Saad Al-Rashid to buy their entire stakes in Al-Ahsa, representing 26.43% or 3.96 million shares, in return for issuing new shares.

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