Al Akaria shareholders approve capital hike through SAR 1.593 bln rights issue

19/05/2022 Argaam
Logo ofSaudi Real Estate Co.

Logo of Saudi Real Estate Co.


Saudi Real Estate Co.’s (Al Akaria) shareholders approved increasing capital from SAR 2.4 billion to SAR 3.75 billion through a SAR 1.593 billion rights issue, during the extraordinary general meeting (EGM) held on May 18, according to a bourse filing.

 

Capital Increase Highlights

Current capital

SAR 2.4 bln

Number of shares

240 mln

Capital increase %

56.25%

Capital after increase

SAR 3.75 bln

Number of shares after increase

375 mln

 

Rights Issue Highlights

Number of rights shares

135 mln

Offering price per share

SAR 11.80

Issuance size

SAR 1.593 bln

Eligibility ratio

Each registered shareholder will have 0.5625 right for every share held

Record date

May 18 (Shareholders of record by the close of trading on the second day following the EGM date)

Use of rights issue proceeds

Financing and implementing the company's plans and future projects, and expanding its various activities in addition to paying off part of the credit facilities.

 

In a separate statement, the Saudi Exchange (Tadawul) said that the daily trading fluctuation limit for Al Akaria after its capital increase will be based on a share price of SAR 16.18 today, May 19, and the outstanding orders will be canceled.

 

The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios on May 23.

 

In December 2021, Al Akaria’s board of directors approved amending the recommendation on increasing capital to SAR 1.593 billion from SAR 1.6 billion, Argaam earlier reported.

 

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