AYYAN Investment acquires 26.43% stake in Al-Ahsa Medical Services

Logo of  AYYAN Investment

AYYAN Investment Co. announced today, Dec. 9, the completion of the procedures of acquiring non-controlling stakes in its subsidiary Al-Ahsa Medical Services Co., according to a bourse filing.

The entire shares of Al-Othman Holding Co., Saad Abdulaziz Al-Hussein and Sons Co., Ibrahim Abdullah Al-Afaleq and Sons Co. and Rashid Saad Al-Rashid in the capital of Al-Ahsa Medical Services, which is equal to 3.96 million ordinary shares, or 26.43% of the Al-Ahsa's capital, in exchange for the issuance of new shares in the company to the selling shareholders were completed.

Thus, the capital of AYYAN Investment will increase by 9.4% to SAR 806.36 million (80.63 million shares) by issuing 6.9 million new shares, from SAR 737.32 million (73.73 million shares).

The company said its ownership percentage in Al-Ahsa’s capital will reach 96.37% after the capital increase.

There are related parties to the acquisition, who are the company’s board members and its major shareholders. Ahmed Al-Khayyal, is a senior executive in Gulf Desert Chemicals Co., a subsidiary of Al-Othman Holding Co. Al-Othman Holding is one of the major shareholders in both companies.  

The related parties did not vote on the acquisition decision. 

In April, AYYAN Investment 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.