Ayyan Investment Company (SASE:2140) signed an agreement to acquire a 26.43% stake in Al-Ahsa Medical Services Company from Al Othman Holding Company, Saad Abdulaziz Al Hussein and Sons Company, Ibrahim Abdullah Al Afaleq and Sons Company and Abdul Rahman Saad Al-Rashid and Sons Co. Ltd. for approximately SAR 150 million on April 19, 2021. Under the terms, Ayyan Investment Company will acquire 3.96 million ordinary shares of the Al-Ahsa Medical Services Company and will list 6.9 million new shares on stock exchange for Al Othman Holding Company, Saad Abdulaziz Al Hussein and Sons Company, Ibrahim Abdullah Al Afaleq and Sons Company and Rashid Saad Al Rashid in exchange of shares acquired.

The transaction is subject to approval by regulatory board/committee, approval of offer by Ayyan Investment Company shareholders, listing/approval of new shares on stock exchange and subject to antitrust regulations. Aljazira Capital Company acted as financial advisor to Ayyan Investment Company. As of August 30, 2021, the transaction was approved by CMA.

As of October 10, 2021, Ayyan Investment Company signed an agreement to amend the share purchase agreement to amend the long-stop date (the date on which the condition precedents must be fulfilled) which will be changed to November 30, 2021. Noor M. Al-Fawzan of Latham & Watkins LLP acted as legal advisor to Ayyan Investment Company (SASE:2140).