AYYAN issues prospectus for SAR 200M rights offering

Logo of AYYAN Investment Co.


AYYAN Investment Co. published today, June 11, the prospectus for its capital increase through a SAR 200 million rights offering.

 

The rights issue is aimed at enabling the company to implement its operational plans and supporting its working capital.

 

For More IPOs

 

The company will use the rights issue proceeds to purchase medical devices and equipment for Al Salam Hospital, affiliated with Al Salam Medical Services Co. This is besides settling dues to the suppliers of subsidiaries, Al-Ahsa Medical Services Co. and Al Salam Medical Services, alongside paying obligations for financing entities and outstanding operating expenses (opex) owed by the latter.

 

The company's shareholders will vote on the board recommendation to raise capital through a SAR 200 million rights offering, during an extraordinary general meeting (EGM) to be held on July 8.

 

The Capital Market Authority (CMA) approved last month the request AYYAN to top-up capital through a rights issue, as per Argaam's data.

 

Capital Hike Details

Capital

SAR 806.36 mln

Number of Shares

80.64 mln

New Capital

SAR 1 bln

Number of Shares

after Increase

100.64 mln

Capital Increase (%)

24.80%

 

Rights Issue Details

Offered Shares

20 mln

Offer Price

SAR 10

Issue Size

SAR 200 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to 0.248 shares per each one held

Issue Proceeds

Purchasing medical devices and equipment for Al Salam Hospital, affiliated with Al Salam Medical Services (a subsidiary)

20.0

 Paying dues to the suppliers of subsidiaries (Al-Ahsa Medical Services and Al Salam Medical Services)

61.1

Paying obligations owed by Al Salam Medical Services (a subsidiary) to financing parties

45

Paying Al Salam Medical Services’ outstanding opex

67.9

Offering costs

6.0

Total

200

 

Additional Information

Financial Advisor, Underwriter and Lead Manager

Alinma Investment

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