Emaar The Economic City (Emaar EC) amended the meeting date of the extraordinary general assembly (EGM) for capital hike (first meeting), according to a bourse filing on Wednesday.

 

The EGM will be held on Sept. 26 instead of Sept. 12.

 

The company’s shareholders are set to vote on the board of directors' recommendation on increasing capital by 33% from SAR 8.5 billion to SAR 11.33 billion.

 

The capital increase will be effected through settling the SAR 2.83 billion debt it will owe to the Public Investment Fund (PIF).

 

Shareholders will start on Sept. 22, the electronic voting on the EGM’s agenda items.

 

Capital Hike Details

Current Capital

SAR 8.5 bln

Number of Shares

850 mln shares

Capital Hike %

33%

Capital after Increase

SAR 11.33 bln

Number of Shares after Increase

11.33 mln

Increase Value

SAR 2.833 bln

Objectives of Capital Hike

- Settling the debt that the company will owe to the PIF and converting it to 283.33 million ordinary shares for the fund.

 

- Improving the company’s liquidity and credit position in order to provide greater solvency in relation to its financial obligations, and to improve the company’s ability to achieve its growth goals.

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