AYYAN says accumulated losses reach 44.89% of capital

Logo of AYYAN Investment Co.

AYYAN Investment Co. said today, July 30, that its accumulated losses reached SAR 361.98 million as of June 30, 2024, representing 44.89% of capital.  

In its earnings statement to Tadawul, AYYAN said its extraordinary general meeting (EGM) approved on July 8, raising the company’s capital by way of a SAR 200 million rights offering.

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Last February, AYYAN signed with Dallah Healthcare a memorandum of understanding to sell its 97.4% stake in Al-Ahsa Medical Services Co., and 100% equity in Al-Salam Medical Services Co., Argaam earlier reported.

The sale was driven by the losses incurred by AYYAN as Al-Salam Medical Services’ topline does not offset its operating costs.

The procedures related to the companies, whose losses stand at 20%, or more of their capital, will apply, the statement added.