Al Ahsa Development Co. (ADC) inked today a SAR 66.11 million worth of a binding purchase agreement for Rashed & Partners Development Co Ltd.’s 16.32 percent stake in Al-Ahsa Medical Services Co., the company said in a bourse statement.

 

Under the purchase agreement, ADC will raise its ownership in Al-Ahsa Medical Services from 53.62 percent to 69.94 percent.

 

The deal, which will be financed from the company’s internal resources, came in line with Al Ahsa’s expansionary strategy.

 

Al-Ahsa Medical Services is a closed joint stock company which owns Al Ahsa Hospital.

 

The company recorded SAR 180 million in sales revenue in 2016, SAR 196 million in 2017 and SAR 211 million in 2018, at an average growth rate of 8.20 percent.

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