Logo of Dallah Healthcare Co.
Dallah Healthcare Co.’s (DHC) shareholders gave the green light for increasing capital to acquire Kun Investment Holding Co.'s stake in the International Medical Center Co. (IMC), during an extraordinary general meeting (EGM) held on Dec. 27.
Dallah Healthcare will issue 7.68 million new shares in favor of Kun Investment, according to a statement to Tadawul.
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Capital Increase Details |
|
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Current Capital |
SAR 900 mln |
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Number of Shares |
90 mln |
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Percentage of Increase |
8.53% |
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Size of Increase |
7.68 mln shares |
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New Capital |
SAR 976.81 mln |
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Number of Shares |
97.68 mln |
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Share-Swap Ratio |
0.5397 new shares in Dallah for each share owned by Kun Investment in IMC to acquire 14.23 mln shares |
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Dallah's Stake in IMC after Share Issuance |
27.18% |
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Ownership Percentage of Shareholders to Whom New Shares will be Issued Post-Acquisition |
7.86% |
Shareholders also approved amending Article No. 7 of DHC’s bylaws related to its capital and gave the green light for the board of directors or any person authorized by the board to make decisions or take actions deemed necessary to implement any of the aforementioned decisions related to this acquisition.
They also approved the effective date for materializing the capital top-up following the completion of the ownership transfer of IMC’s shares from Kun Investment to DHC.
DHC signed, on June 20, a share-swap agreement with Kun Investment to acquire its entire stake of 18.98%, or 14.23 million shares, in IMC. The acquisition will be in exchange for issuing new shares in DHC to Kun Investment, according to data available with Argaam.
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