Al Akaria board recommends capital hike through SAR 1.6 bln rights issue

13/09/2021 Argaam

Logo of Saudi Real Estate Co.

The board of directors of Saudi Real Estate Co. (Al Akaria) approved, in a meeting held today, Sept. 13, to increase the company's capital through rights issue worth SAR 1.6 billion.

 

The company said in a bourse filing that the capital hike is aimed to finance and implement the company's future plans and projects, and expand its various activities.

 

Eligibility for the rights issue will be for shareholders of record on the date of the extraordinary general assembly meeting (EGM), in which the capital increase will be approved, and whose names appear in the issuer's shareholder register at the Securities Depository Center (Edaa) at the end of the second trading day following the date of the EGM.

 

The board appointed SNB capital as financial advisor for the capital increase.

 

An announcement will be made about submitting the capital increase application file to the Capital Market Authority (CMA) for approval, and about any future developments in this regard.

 

The capital increase is pending the approval of the EGM and the related official authorities.

 

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