https://arab.news/6cx34
RIYADH: Dallah Healthcare Co. is set to increase its ownership in International Medical Center Co. to 27.2 percent by acquiring an additional SR712 million ($190 million) stake in a bid to expand its footprint in Jeddah.
It signed a deal with Kun Investment Holding Co., which held nearly 19 percent of IMC’s capital, to fully transfer its stake to Dallah Health, a bourse filing showed.
Tarek Othman Alkasabi, board chairman at Dallah Health, told Arab News that the acquisition comes as part of the company’s strategy to grow a strong presence in Saudi Arabia both organically and inorganically.
Upon completion of the acquisition by way of a share swap, Dallah Health’s capital will be raised from SR900 million to SR977 million.
He added that Dallah Health is constantly evaluating opportunities that will allow it to bring quality care to the wider Saudi community.
The share swap ratio is 0.54 new shares in Dallah Health for every one share owned in IMC.