Asiri Hospitals Group converts Rs. 274 m debt to equity in Central Hospital

Asiri Hospitals Group last week resolved to convert Rs. 274 million debt outstanding from Central Hospital Ltd., also a group firm, to equity.
The group debt is held by Asiri Hospitals and Asiri Surgical Hospitals and the respective Boards resolved the move separately.
The Board of Directors of Asiri Hospitals PLC at their meeting last week resolved to convert a loan and accrued interest of Rs. 129.1 million being the total loan amount outstanding at 28th October 2009 which was due and owing from Central Hospital (Private) limited into ordinary shares of the said company.
Consequent to such conversion, the Company has been allotted 7,596,810 Ordinary shares of Central Hospital (Private) Limited at a price of Rupees Seventeen (Rs.17/-) per ordinary share.
The date of the initial disbursement to Central Hospital (Private) Limited from Asiri Hospitals PLC is 31st August 2009 and the said amount of Rs.129,145,770/- includes an interest component of Rs.1,764,098/-
Consequent to such allotment, the Company now owns 14.2% of the issued ordinary share capital of Central Hospital (Private) Limited. The other substantial shareholders of Central Hospital (Private) Limited are Asiri Central Hospitals PLC – 70.7% (74,500,000 shares) and Asiri Surgical Hospital PLC - 15.1% (15,883.569 shares).
Separately the Board of Directors of the Asiri Surgica1 Hospital PLC resolved to convert a loan and accrued interest of Rs. 145,595,214/-) being the total loan amount outstanding at 28th October 2009 which was due and owing from Central Hospital (Private) Limited into ordinary shares of the said company. Consequent to such conversion the Company has been allotted 8,564,424 Ordinary shares of Central Hospital (Private) Limited at a price of Rupees Seventeen (Rs. 17/-) per ordinary share.
The date of the initial disbursement to Central Hospital (Private) Limited from Asiri Surgical Hospital PLC is 11th August 2009 and the said amount of Rs. 145,595,214/- includes an interest component of Rs. 2,581,454/-.
Consequent to such allotment the Company now owns 15.1% of the issued ordinary share capital of Central Hospital (Private) Limited.
Asiri Central Hospitals in a separate announcement said that subsequent to conversion of loans obtained by Central Hospital (Private) Limited from Asiri Hospitals PLC and Asiri Surgical Hospital PLC to equity the holding of Asiri Central Hospitals PLC in Central Hospital (Private) Limited has diluted to 70.7% from 83.5%.