Logo of Riyadh Development Co.
Riyadh Development Co.’s shareholders are set to vote on increasing capital by 31.58% from SAR 1.78 billion to SAR 2.34 billion, during the extraordinary general meeting (EGM) to be held on Feb. 3.
The company's number of shares will increase from 177.78 million to 233.93 million. The capital top-up is aimed at facilitating the acquisition of two real estate assets owned by Remat Al-Riyadh Development Co.
In a statement to Tadawul, the company added that purchased assets are a 787,480-square-meter (sqm) land plot north of Dammam Road, Al-Rimal District, and a 214,000-sqm plot south of the Northern Ring Road, Al-Murooj District, Riyadh.
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Details |
|
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Market Value |
SAR 4.44 bln (As of Aug. 29, 2024 — the agreed date for determining new shares) |
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Current Capital |
SAR 1.78 bln |
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Current Number of Shares |
177.78 mln |
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Capital Hike |
SAR 561.53 mln |
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Percentage Increase |
31.58% |
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New Capital |
SAR 2.34 bln |
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New Number of Shares |
233.93 mln |
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Post-Increase Ownership |
100% |
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New Shareholders’ Post-Acquisition Ownership |
24% |
Additionally, shareholders will vote on the deals and contracts sealed between the company and Remat Al-Riyadh, in which Chairman Prince Faisal bin Abdulaziz bin Ayaf, has an indirect interest, as he is also Chairman of Remat Al-Riyadh.
This comes as part of the acquisition agreement and in-kind contribution concluded between Riyadh Development and Remat Al-Riyadh on Sept. 1, 2024.
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