United Medical Services Company (U-Med) expressed its intention to sell 22.21% of its stake in Al-Maidan Clinic for Oral Health Services that it owns in the company. U-Med directly and indirectly owns 52.21% of Al-Maidan’s capital.
In a disclosure statement issued today, Wednesday, to Boursa Kuwait, Maidan said that United Medical submitted Form of “Sale or Purchase for the Controllers of a Listed Company’s Shares” in appendix 6 of Module Nine (Merger and Acquisition).
U-Med holds the largest stake in "Maidan's capital, at 52.21%, representing about 13.05 million shares of the latter's capital of 250 million shares, noting that the shares to be sold amounts to 22.21%, equivalent to 55.52 million shares of Maidan’s capital.
Maidan clarified in the statement that the permissible trading range is between -5% and +5%, noting that the trading period starts from January 1,2022 until June 30, 2022.
The company's profits rose 32% in 9M2021 to KWD 6.18 million, compared to profits of KWD 4.68 million in the corresponding period of 2020.