Logo of Dallah Healthcare Co.
Dallah Healthcare Co. completed today, Jan. 16, the acquisition of the stake owned by Kun Investment Holding Co. in International Medical Center Co. (IMC).
Accordingly, Dallah’s ownership reached 27.18% in IMC, the company said in a statement to Tadawul.
The related financial impact of the deal will reflect on the company’s financial statements as of Q1 2023.
The following related parties were involved in the deal: Dallah Al-Baraka Holding Co. (a substantial shareholder in Dallah); Abdullah Kamel as Chairman, substantial direct and indirect shareholder in Dallah Al-Baraka Holding Co. and sole shareholder of the selling shareholder of IMC; Muhei Kamel as Vice-Chairman of Dallah and brother of Abdullah Kamel; and Mohamed Hefni as the company director, CEO of the selling shareholder of IMC and director in IMC.
Dallah Healthcare noted that Mohamed Hefni resigned from IMC’s board of directors as part of the conditions required to complete the acquisition.
On Dec. 27, 2022, the company's shareholders approved increasing capital to SAR 976.81 million to acquire Kun Investment’s stake in IMC by issuing 7.68 million new shares in favor of Kun Investment.
The capital increase was implemented today, according to Argaam’s data.
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