Al Ahsa Development Co.’s shareholders are set to vote on a 34% capital hike to SAR 737.32 million from SAR 490 million during the extraordinary general assembly meeting that will be held on December 19, 2019.

 

The capital hike will take place through the issue of 24.73 million ordinary shares in order to fully acquire Al Salam Medical for under a share swap deal.

 

The deal is a related party transaction, however, the related party’s (Ahmed Abdullah Al Khayal) vote on the capital hike process will not be considered, the statement added.

 

 In March 2019, ADC signed an agreement to fully acquire Al Salam Medical for a total value of SAR 250 million under a share swap deal, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 490 mln

Number of shares

49 mln

Hike (%)

34%

New Capital

SAR 737.32

New number of shares

73.7 mln

Number of newly issued shares

24.73 mln

Owners of newly issued shares

To be distributed on the owners of the acquired company according to their stakes

Record date

Dec. 19, 2019

Driver

To fully acquire partners shares in Al Salam Medical Services.

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