AYYAN Investment amends long-stop date for acquiring minority interests in Al-Ahsa Medical Services

10/10/2021 Argaam

Logo of AYYAN Investment

AYYAN Investment Co. signed today, Oct. 10, an agreement to amend the share purchase agreement to acquire non-controlling stakes in Al-Ahsa Medical Services Co.

 

The company explained in a statement on Tadawul that the long-stop date (the date on which the condition precedents must be fulfilled) will be changed to Nov. 30 as per the amended agreement.

 

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

 

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.

 

The company intends to increase its capital to SAR 806.4 million from SAR 737.3 million by issuing 6.9 million ordinary shares to acquire 26.43% of the capital of Al-Ahsa Medical Services.

 

 

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