Logo of AYYAN Investment Co.
AYYAN Investment Co.’s shareholders approved, on Dec. 5, the board’s recommendation for amending the use of the rights issue proceeds of SAR 200 million, stated in the prospectus issued on July 10.
According to the data available on Argaam, the company announced in November that there was a difference in the use of the proceeds from what was disclosed in its prospectus.
The deviation was driven by the maturity of some operational and financial obligations before receiving the proceeds. This was also to ensure work progress and cover the operational needs of Al Salam Medical Services Co., a subsidiary. Accordingly, an interest-free loan was obtained from the related party, Al Othman Holding Co., where the total amount obtained reached SAR 226.1 million. After receiving the proceeds, it was used to pay off an existing balance due to Al Othman Holding at SAR 150 million.
The company signed, on Aug. 19, a binding acquisition and subscription agreement with Dallah Healthcare Co. to purchase its stakes in Al Ahsa Medical Services Co. and Al-Salam Medical Services Co. The agreement includes acquiring 97.4% of Al-Ahsa (which owns Al-Ahsa Hospital in Al-Ahsa) and 100% of Al-Salam Medical Services (which owns Al-Salam Hospital in Al-Khobar).
|
Use of the Rights Issue Proceeds as per the Prospectus (SAR mln) |
||||||
|
|
|
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Total |
|
Purchasing medical devices and equipment for Al Salam Hospital, affiliated with the subsidiary Al Salam Medical Services |
|
-- |
-- |
20.00 |
-- |
20.00 |
|
Paying dues to the suppliers of the subsidiaries Al Ahsa Medical Services Co. and Al Salam Medical Services |
|
61.08 |
-- |
-- |
-- |
61.08 |
|
Paying obligations owed by Al Salam Medical Services to financing parties |
|
10.75 |
10.75 |
11.75 |
11.75 |
45.00 |
|
Paying operating expenses for Al Salam Medical Services |
|
36.00 |
31.92 |
-- |
-- |
67.92 |
|
Offering costs |
|
6.00 |
-- |
-- |
-- |
6.00 |
|
Total |
|
113.83 |
42.67 |
31.75 |
11.75 |
200.00 |
|
Use of the Rights Issue Proceeds after Amendment (SAR mln) |
||||||
|
Item |
|
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Total |
|
Purchasing medical devices and equipment for Al Salam Hospital |
|
-- |
-- |
-- |
-- |
-- |
|
Paying dues to the suppliers of Al Salam Medical Services |
|
9.30 |
-- |
-- |
-- |
9.30 |
|
Settling obligations owed by Al Salam Medical Services to financing parties |
|
1.15 |
12.13 |
-- |
-- |
13.28 |
|
Paying operating expenses for Al Salam Medical Services |
|
19.33 |
2.09 |
-- |
-- |
21.42 |
|
Repaying an interest- free loan obtained by Al Salam Medical Services Co. from Al Othman Holding (a major shareholder in AYYAN) in exchange for repaying the amounts specified in the prospectus, including: -Payment of operating expenses of Al Salam Medical Services -Payment of dues to suppliers of Al Salam Medical Services -Payment of obligations owed by Al Salam Medical Services to financing entities |
|
150.00 |
150.00 |
|||
|
Offering expenses |
|
6.00 |
-- |
-- |
-- |
6.00 |
|
Total |
|
185.78 |
14.22 |
-- |
-- |
200.00 |
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