Dallah extends acquisition deal with AYYAN for 2 months

Logos of Dallah Healthcare Co. and AYYAN Investment Co. 

Dallah Healthcare Co. announced extending a binding acquisition and subscription agreement with AYYAN Investment Co. to purchase the latter’s stakes in Al-Ahsa Medical Services Co. and Al-Salam Medical Services Co., for two months, both companies said in separate statements to Tadawul.

The two companies will finalize the related measures, as the acquisition deal remains subject to several conditions, including obtaining the approval of both companies' shareholders, as well as conditions outlined in the agreement announcement.

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Any material updates will be duly revealed, both companies noted.

The Capital Market Authority (CMA) approved on Feb. 5 Dallah’s request to increase its capital from SAR 976.81 million to SAR 1.02 billion, for acquisition purposes, data compiled with Argaam showed.

Dallah signed, on Aug. 19, a binding acquisition and subscription agreement with AYYAN to purchase the latter’s stakes in Al-Ahsa Medical and Al-Salam Medical.

The agreement included acquiring 97.4% of the capital of Al-Ahsa Medical (which owns Al-Ahsa Hospital in Al-Ahsa) and 100% of the capital of Al-Salam Medical (which owns Al-Salam Hospital in Al-Khobar).