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Kingdom Investment and Development Co. inks MoU with Dallah Health for share swap
On September 11, 2019, Kingdom Holding Co.’s subsidiary, Kingdom Investment and Development Co., signed a non-binding memorandum of understanding (MoU) with Dallah Healthcare Company to sell and purchase shares in Care Shield Holding Company (CSHC).
Deal Value | Method of Finance | Type | Status |
80.00 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Exchange of Shares | Completed |
The First Party
Dallah Healthcare Co. - DALLAH HEALTH | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Health Care Services |
*Market Cap (Million SAR) | 16,234.42 |
*Price/Share (SAR) | 166.20 |
The Second Party
Care Shield Holding Company - Care Shield Holding | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Others |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Consultants
Deal Advisor | AlJazira Capital |
Legal Advisor | - |
Important Dates
Announced Date | 11-11-2019 |
Expected date for Completion | 16-11-2020 |
Related Parties
Company | Role |
---|---|
Dallah Healthcare Co. | Seller |
Main Details
Under the MoU, Kingdom Investment and Development Co. will swap its shares in CSHC against shares in Dallah Healthcare, in addition to a cash consideration.
The two companies agreed on an initial relative valuation.
On May 15, 2020, Dallah Healthcare Co. signed definitive agreements to purchase and sell 58.64% of CSHC’s shares.
Under the first share swap deal, Dallah Healthcare agreed to purchase 6.82 million shares, representing 54.56% of Care Shield’s capital at a total value of SAR 300 million in consideration of 3.74 million treasury shares in Dallah, or 4.99% of the company’s issued capital of SAR 186 million, and a cash consideration of SAR 114 million.
The second share purchase agreement is inked with Abdulrahman Bin Ibrahim Abu Hemid and Sons for Trade and Investment, and Engineer/ Adel Abd AlMohsin Abd Alwahab AlMandeel to acquire a total of 509,260 shares, or 4.08% of CSHC’s capital, for SAR 22 million.
Following completion of the transactions, Dallah will own a 58.64% stake in CSHC.
Note
* Care Shield Holding Company owns Medical Service Projects Co. (Kingdom Hospital), Kingdom Hospital & Consulting Clinics (KHCC) and Modern Clinic Pharmacy.
* There are no related parties to all transactions.
* The completion of the agreement is subject to a number of conditions, including but not limited to, obtaining the approval of competent government authorities and the extraordinary general meeting of Dallah Healthcare Co. to transfer Dallah’s shares to Kingdom Investment and Development Co.
* Both parties may terminate the agreement if the conditions are not satisfied within six months from the date of signing.
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