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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