Logo of King Abdullah Economic City (KAEC)
Emaar The Economic City’s (Emaar EC) shareholders are set to vote on the board’s recommendation on a capital increase through converting a loan owed by the company to Public Investment Fund (PIF), worth SAR 2.83 billion, at the extraordinary general meeting (EGM) to be held today, Sept. 26.
|
Details of Capital Hike via Debt Conversion |
|
|
Current Capital |
SAR 8.5 bln |
|
Number of Shares |
850 mln |
|
Percentage of Increase |
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 owes 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. |
The following table shows the major shareholders and their stake before and after the debt conversion:
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Company’s Major Shareholders |
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Shareholders |
Before Debt Conversion |
After Debt Conversion |
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|
Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
|
|
Dayim Modern Real Estate Management Co. |
142.71 |
16.78% |
142.71 |
12.59% |
|
ME Royal Capital LLC |
80.00 |
9.41% |
80.00 |
7.06% |
|
Emaar Middle East LLC |
50.00 |
5.88% |
50.00 |
4.41% |
|
ME Strategic Investments LLC |
50.00 |
5.88% |
50.00 |
4.41% |
|
ME Holdings LLC |
50.00 |
5.88% |
50.00 |
4.41% |
|
ME Partners Co. LLC |
46.00 |
5.41% |
46.00 |
4.06% |
The following table shows public and creditor ownership before and after debt conversion:
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Public and PIF Ownership |
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|
Shareholders |
Before Debt Conversion |
After Debt Conversion |
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|
Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
|
|
Public Investment Fund |
-- |
-- |
283.33 |
25.00% |
|
Public |
431.29 |
50.74% |
431.29 |
38.05% |
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