{"id":89857,"date":"2024-09-24T00:00:00","date_gmt":"2024-09-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/24\/care-shareholders-clear-al-salam-health-buyout\/"},"modified":"2024-09-24T00:00:00","modified_gmt":"2024-09-24T00:00:00","slug":"care-shareholders-clear-al-salam-health-buyout","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/24\/care-shareholders-clear-al-salam-health-buyout\/","title":{"rendered":"Care shareholders clear Al Salam Health buyout"},"content":{"rendered":"

Shareholders of National Medical Care <\/strong>(Care) signed off on the company\u2019s full takeover<\/strong> of Al Salam Health Medical Hospital for SAR 44 mn<\/strong>, according to a filing to Tadawul<\/a>. The company had lined up approval from the move from the General Authority for Competition for the acquisition earlier this month<\/a>.<\/p>\n

REFRESHER-<\/strong> Care inked a share purchase agreement back in June<\/a> with Saudi Medical Care Group (SMG) \u2014 which owns 100% of Al Salam Health Medical and 49.2% of Care \u2014 to fully acquire its shareholdings in Al Salam. The acquisition will be financed through a mixture of the company\u2019s existing cashflows and bank loans. <\/p>\n

The rationale: <\/strong>The acquisition looks to expand Care\u2019s healthcare offerings in the market and tap potential investments in the sector. The move is part of Care\u2019s five-year strategy<\/a>, announced in 2022, to extend its service offerings in Riyadh and widen its patient base by serving new target groups.<\/p>\n

About Al Salam Health Medical Hospital:<\/strong> Located in Al Khobar with an area spanning 100k sqm and a 100-bed capacity, Al Salam is one of the largest private hospitals serving the Eastern Province, according to its website<\/a>. Its revenues were up 10.6% y-o-y to SAR 93.1 mn in 2023.<\/p>\n

ADVISORS- <\/strong>GIB Capital was tapped as Care\u2019s financial advisor for the acquisition, with Law Firm of Alsalloum and Altoaimi acting as its legal advisor.<\/p>\n

IN OTHER M&A NEWS- <\/p>\n

#1- <\/strong>SALIC acquires stakes in another poultry player:<\/strong> Saudi Agricultural and Livestock Investment (SALIC) \u2014 a fully-owned subsidiary of the Public Investment Fund \u2014 has acquired a 12.6% stake in Ukrainian poultry producer MHP<\/a>, acquiring 13.5 mn of its global depository receipts (GDRs) on the market, according to a disclosure (pdf)<\/a> by MHP.<\/p>\n

#2- Regulator greenlights Dallah\u2019s acquisition of Ayyan Investment subsidiaries: <\/strong>The General Authority for Competition issued its non-objection to Dallah Healthcare\u2019s planned acquisition of Ayyan Investment\u2019s 97.4% stake in Al Ahsa Medical Services Company and its 100% stake in Al Salam Medical Services Company, according to a disclosure to Tadawul<\/a>. The transactions are still pending approvals from the Capital Market Authority, the Saudi Exchange, and both companies' shareholders.<\/p>\n

The pitch: <\/strong>Dallah Healthcare inked a binding SAR 660 mn share purchase and subscription agreement with Ayyan Investment to acquire the subsidiaries last month<\/a>, whereby Dallah will acquire Ayyan\u2019s 97.4% stake in Al Ahsa for SAR 409 mn and 100% of Al Salam Medical for SAR 251 mn \u201cby way of a capital increase by issuing new shares in Dallah to Ayyan.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The company had lined up approval for the takeover from antitrust regulators earlier this month<\/p>\n","protected":false},"author":1,"featured_media":89858,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,13,14],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-healthcare","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"8217f9be-faaa-4970-b974-5dc025f5722f","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1550.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Care shareholders clear Al Salam Health buyout","related_issue":[89852],"teaser":"The company had lined up approval for the takeover from antitrust regulators earlier this month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.dbc83778-ec64-414a-bd58-559211b7bbb0.mp3"},"yoast_head":"\nCare shareholders clear Al Salam Health buyout - 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