Sharqiyah Development to vote on capital hike, 2 properties acquisition on March 8

The board of directors of Ash-Sharqiyah Development Co. called shareholders to vote on a SAR 45 million capital hike from SAR 75 million to SAR 120 million on March 8, 2020, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

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

Accordingly, the number of shares will be increased from 7.5 million to 12 million.

Shareholders will also vote on the acquisition of 2 properties in Riyadh.

Meanwhile they will vote on on amending the company’s bylaws, the statement added.

In December 2019, 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.