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Saudi Arabia’s Ayyan Investment Company has announced a deal to buy out all the non-controlling shares of four investors in its subsidiary Al-Ahsa Medical Services Company.
The company, which has investments in real estate, signed a share purchase agreement to acquire a combined 3.9 million shares from Al-Othman Holding Company, Saad Abdulaziz Al-Hussein and Sons Company, Ibrahim Abdullah Al-Afaleq and Sons Company and Rashid Saad Al-Rashid, a bourse filing to the Saudi Stock Exchange (Tadawul) said on Sunday.
The stake is valued at more than 111 million riyals ($29.5 million) and represents 26.43 percent of the capital in Al-Ahsa Company.
With the deal, Ayyan Investment’s ownership in Al-Ahsa will increase to 96.37 percent of the capital. Ayyan Company’s capital will also jump to 806.4 million riyals from 737 million riyals.
In exchange for the additional stake, Ayyan Investment will issue 6.9 million shares in its company to the selling shareholders of Al-Ahsa.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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