The Tadawul All-Share Index closed 0.11 per cent higher at 9,462.98 points on Monday, March 31. While market bellwether SABIC retreated slightly to SAR117.50, Dallah Healthcare Holding Company surged by five per cent to SAR89. Earlier in the day, Dallah revealed that it signed a memorandum of understanding with Bagedo Commercial Holding Co. and Mohamed Ahmed Erfan & Sons Holding Co. (the sellers) on Sunday, March 30, about the acquisition of their shares in Dr Erfan & Bagedo General Hospital (the target). This is because “Dallah Health intends to acquire the full share [of] capital in the target from its owners,” according to the firm’s statement to the bourse. It, however, did not reveal the price of the deal.
Dr Erfan & Bagedo General Hospital, established in 1981 in Jeddah, has 326 beds, rendering comprehensive healthcare services to patients, in addition to its advanced ancillary facilities. Pending on approval from the Saudi financial market regulator, Capital Market Authority, all involved parties have agreed that the payment of this acquisition shall be done through cash settlement and the issuance of new shares of Dallah Health, with the remaining amount to be given to the sellers through capital increase.
Dallah Health has appointed Saudi Arabia’s Samba Capital as its financial advisor for the preparation and advisory services of this acquisition.
Monday, March 31- 2014 @ 19:22 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.