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Saudi German Health raises SAR 1 Billion through successful Sukuk issuance 

Saudi German Health raises SAR 1 Billion through successful Sukuk issuance 

SAUDI ARABIA—Middle East Healthcare Co. (Saudi German Health) declared on Monday that its Sukuk issue, valued at one billion riyals, or roughly US$266.6, had been successfully completed in an issuance was denominated in Saudi Arabian Riyals [SAR].  
 
There will be one million Sukuk issued in total, with each instrument having a nominal value of one thousand riyals. A fixed annual income of 7.20%, payable weekly, is provided by the Sukuk.  
 
The Sukuk has a five-year maturity period. Before that date, the Company may redeem the Sukuk under specific circumstances, as stated in the Base Prospectus and any applicable final terms. 

The SAR-denominated Sukuk offering by Saudi German Hospital began on February 12 and will end on Thursday, February 29, 2024. Settlement is planned for March 6, 2024.  
 
Commencing on March 6, 2024, eligible investors will get refunds of excess subscription funds, in accordance with the protocols set forth by pertinent organizations.  
 
Trading on the Saudi Exchange (Tadawul) will begin upon the conclusion of all regulatory procedures for Sukuk listing; an announcement will be issued at that time.  

The company reported net earnings of SAR 143.67 million for the first nine months (9M) of 2023, after Zakat and tax. This represents a notable growth of 241.91% YoY from SAR 42.02 million. 

Ayyan Investment and Dallah Healthcare sign share exchange agreement 

In another instance, Dallah Healthcare Company and Ayyan Investment Company inked a non-binding memorandum of understanding (MoU) for the sale of the latter’s stock in Al Ahsa Medical Services Company.  
 
The proposed agreement will be carried out in return for Dallah Healthcare issuing more shares by capital increases or other means decided upon by the parties.  
 
According to a bourse filing, Al Ahsa Medical owns both Al Ahsa Hospital and Al Salam Medical Services Company, which operates Al Salam Hospital in Al Khobar.  

Unless all parties agree otherwise in writing, the memorandum will go into effect on February 25 and stay that way for 180 days.  
 
The financial impact, as mentioned by Ayyan Investment, will be ascertained later.  
 
After Zakat and tax, Ayyan Investment experienced net losses in the first nine months (9M) of 2023 totaling SAR 144.32 million, an increase in annual losses from SAR 14.83 million.  
 
Dallah Healthcare reported SAR 246.47 million in net profits after Zakat and tax as of September 30, 2023, a 25.74% increase from SAR 196.02 million in 9M-22. 

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