Riyadh – Mubasher: Al Ahsa Development Company (ADC) on Wednesday announced acquiring 100% of Al Salam Medical Services Co through a share swap agreement.
Al Salam, which owns a 495-bed hospital under construction in Al-Khobar city, was valued at SAR 250 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm was valued at SAR 513.52 million, based on the stock closing price on 19 March, while the final value will be based on a 90-day average closing price, or on a nominal value of SAR 10, whichever is higher.
Al Ahsa will raise its capital by SAR 250 million, or 51%, to SAR 740 million from SAR 490 million, increasing the total number of shares to 74 million from SAR 49 million.
Al Ahsa’s stock rose 0.38% to close at SAR 10.52 on Wednesday.
