Sulaiman Al Habib, Alandalus raise JV's capital to SAR 383M

Dr. Sulaiman Al Habib Medical Services Group Co. and  Alandalus Property Co. announced, in two separate statements, raising capital of Gharb Jeddah Hospital Co., a limited liability company that is 50% owned by Sulaiman Al Habib and 50% by Alandalus Property, from SAR 179.42 million to SAR 383 million. 

This increase will be funded through an additional cash contribution from the partners, totaling SAR 203.58 million, divided equally between the partners with each contributing 50%. As a result, Sulaiman Al Habib's share in the capital increase will amount to SAR101.49 million.

The purpose of this capital increase is to support the company's working capital.

The financial impact of this capital increase will be reflected in the group’s financial statements in Q3 2024. The group intends to finance its share of the increase through its own resources.

Sulaiman Al Habib also noted that there are related parties who have indirect interest, namely Sulaiman Abdulaziz Al Habib (Chairman), Hesham Sulaiman Al Habib (board member), Saleh Muhammad Al Habib (board member) and Faisal Abdullah Al Nassar (board member).

The company also noted that the capital increase was concluded within the ordinary course of business and did not include any preferential benefits.

For its part, AlAndalus Property said that the financial impact of the capital increase will be reflected on its financial statements during Q3 2024.