Ash-Sharqiyah Development shareholders to vote on capital hike on Jan. 20

Ash-Sharqiyah Development Co.’s shareholders will discuss on Jan. 20 increasing capital from SAR 75 million to SAR 120 million to finance the acquisition of two realty assets in Riyadh.

Accordingly, the number of shares will be increased from 7.5 million to 12 million, the company said in a bourse statement.

The process will take place through issuing 4.5 million ordinary shares to acquire the real estate assets.

Earlier this month, the Capital Market Authority approved the company’s request to increase its capital from SAR 75 million to SAR 120 million by issuing 4.5 million ordinary shares to acquire two real estate assets.