Logo of Emaar The Economic City
Emaar The Economic City's (Emaar EC) 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, during the extraordinary general meeting (EGM) that will be held on Sept. 12.
In a bourse statement, the company said the capital increase will be effected through settling the SAR 2.83 billion debt it will owe to the Public Investment Fund (PIF).
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Capital Hike Details |
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Current Capital |
SAR 8.5 bln |
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Number of Shares |
850 mln shares |
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Capital Hike % |
33% |
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Capital after Increase |
SAR 11.33 bln |
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Number of Shares after Increase |
11.33 mln |
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Increase Value |
SAR 2.833 bln |
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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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