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Argaam Tools ×
Al Ahsa Development fully acquires Al Salam
On March 20, 2019, Al Ahsa Development Co. (ADC) signed an agreement to acquire 100 percent of Al Salam Medical Services Co. under a share swap deal. Accordingly, Al Ahsa raised its capital by 51 percent to SAR 740 million from SAR 490 million, increasing the total number of shares to 74 million from SAR 49 million.
Deal Value | Method of Finance | Type | Status |
- | Capital Increase | Acquisition | Completed |
The Acquiring Party
AYYAN Investment Co. - AYYAN | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Investment companies - health care |
*Market Cap (Million SAR) | 1,772.47 |
*Price/Share (SAR) | 21.98 |
The Acquired Party
Al Salam Medical Services Co - Al Salam Medical Services | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Consultants
Deal Advisor | Yaqeen Capital |
Legal Advisor | - |
Important Dates
Announced Date | 20-03-2019 |
Expected date for Completion | - |
Main Details
On March 19, 2019, Al Salam Medical Services Co. was valued at SAR 250 million, while Al Ahsa was valued at SAR 513.52 million based on the stock closing price. The final value will be based on a 90-day average closing price, on a par value of SAR 10, or whichever is higher.
NMC is a UAE-Based company that provides integrated health services. In January 2018, the London-listed company acquired an 85 percent stake in Al Salam Medical Group for SAR 37 million. The transaction included acquiring Al Salam hospital and Ishbiliah Medical Clinics.
Note
* Al Salam Medical Co. is building a new hospital in Khobar with a capacity of 495 beds. The hospital is marked to start commercial operations in H2 2019.
* The deal includes board members, namely Ahmed Al-Khayyal and Raed Al-Mousa as they are board members and executives in a company owned by one of the shareholders.
* On May 15, 2019, Al Ahsa signed an appendix of the binding purchase agreement to acquire 100% of Al Salam Medical Services Company under a share swap deal at SAR 10.1 per share. The deal included amending the paragraph related to determining the issue price. The price was based on the average closing price of ADC for the 90 days preceding the binding agreement, which was signed on March 20, 2019.
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