AYYAN Investment Co.’s shareholders will vote on the board's recommendation on increasing capital by 9.4%, or SAR 69.04 million, to SAR 806.4 million from SAR 737.3 million, during an extraordinary general assembly meeting scheduled to be held on Nov. 9, according to a bourse filing.

 

Details of Capital Increase

Current capital

SAR 737.3 mln

Number of shares

73.73 mln

Capital hike percentage

9.4%

Capital after increase

SAR 806.4 mln

Number of shares after increase

80.64 mln shares

Objective of capital hike

To acquire the entire stakes of the selling shareholders

Method

Issuing 6.9 mln new shares

Effective date

Nov. 9, 2021
 

The company noted that board member Ahmed bin Abdullah Al-Khayyal is considered a related party and the votes of related parties will not be counted during voting on the decisions of the acquisition deal in the extraordinary general assembly regarding the capital increase.

 

The Capital Market Authority (CMA) approved on Aug. 30, the company’s request to increase its capital from SAR 737.3 million to SAR 806.4 million by issuing 6.9 million ordinary shares to acquire 26.43% shares of Al-Ahsa Medical Services Co.

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