‎AYYAN shareholders approve amending use of rights issue proceeds

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Logo ofAYYAN Investment Co.

AYYAN Investment Co.’sshareholders approved, on Dec. 5, the board’s recommendationfor amending the use of the rights issue proceeds of SAR 200 million, stated in the prospectus issued on July 10.

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According to the data available on Argaam, the company announced in November that there was a difference in the use of the proceeds from what was disclosed in its prospectus.

The deviation was driven by the maturity of some operational and financial obligations before receiving the proceeds. This was also to ensure work progress and cover the operational needs of Al Salam Medical Services Co., a subsidiary. Accordingly, an interest-free loan was obtained from the related party, Al Othman Holding Co., where the total amount obtained reached SAR 226.1 million. After receiving the proceeds, it was used to pay off an existing balance due to Al Othman Holding at SAR 150 million.

For More IPOs

According to data available toArgaam, AYYANpublished, on June 11, the prospectus for a SAR 200 million rights issue. The offering is aimed at enabling the company to implement its operational plans and supporting its working capital. The rights issue was 84.8%subscribed.

The companysigned, on Aug. 19, a binding acquisition and subscription agreement with Dallah Healthcare Co. to purchase its stakes in Al Ahsa Medical Services Co. and Al-Salam Medical Services Co. The agreement includes acquiring 97.4% of Al-Ahsa (which owns Al-Ahsa Hospital in Al-Ahsa) and 100% of Al-Salam Medical Services (which owns Al-Salam Hospital in Al-Khobar).

‎

Logo ofAYYAN Investment Co.

AYYAN Investment Co.’sshareholders approved, on Dec. 5, the board’s recommendationfor amending the use of the rights issue proceeds of SAR 200 million, stated in the prospectus issued on July 10.

According to the data available on Argaam, the company announced in November that there was a difference in the use of the proceeds from what was disclosed in its prospectus.

The deviation was driven by the maturity of some operational and financial obligations before receiving the proceeds. This was also to ensure work progress and cover the operational needs of Al Salam Medical Services Co., a subsidiary. Accordingly, an interest-free loan was obtained from the related party, Al Othman Holding Co., where the total amount obtained reached SAR 226.1 million. After receiving the proceeds, it was used to pay off an existing balance due to Al Othman Holding at SAR 150 million.

For More IPOs

According to data available toArgaam, AYYANpublished, on June 11, the prospectus for a SAR 200 million rights issue. The offering is aimed at enabling the company to implement its operational plans and supporting its working capital. The rights issue was 84.8%subscribed.

The companysigned, on Aug. 19, a binding acquisition and subscription agreement with Dallah Healthcare Co. to purchase its stakes in Al Ahsa Medical Services Co. and Al-Salam Medical Services Co. The agreement includes acquiring 97.4% of Al-Ahsa (which owns Al-Ahsa Hospital in Al-Ahsa) and 100% of Al-Salam Medical Services (which owns Al-Salam Hospital in Al-Khobar).