“Dallah” shareholders approve the capital increase to acquire 19% of the “International Medical Center”

The shareholders of Dallah Health Services Company, during the Extraordinary General Assembly meeting, approved the recommendation of the Board of Directors to increase the company’s capital from 900 million riyals to about 976.8 million riyals.

Dallah Health said in a statement on Tadawul Saudi Arabia today, Wednesday, that the increase is through the issuance of about 7.68 million new ordinary shares, with a total nominal value of about 76.8 million riyals, for the benefit of Kun Investment Holding Company, in return for transferring about 14.23 million shares in the Medical Center Company. The international fund from Kun Investment Holding Company, in accordance with the terms and conditions of the share sale and purchase agreement concluded between “Dallah Healthcare” and Kun Investment Holding Company.

Dallah Healthcare seeks to increase its capital for the purpose of acquiring 18.98% of the capital of the International Medical Center Company.

The shareholders agreed to amend Article 7 of the company’s articles of association related to capital, and the effective date of the capital increase will be after the completion of the transfer of ownership of shares in the International Medical Center Company from Kan Investment Holding Company in favor of the company.

Dallah Health Services Company had signed a non-binding memorandum of understanding with Kun Investment Holding Company to buy and sell 18.98% shares in the International Medical Center Company through a share swap.