Logo of Riyadh Development Co.
Riyadh Development Co. issued today, Jan. 13, a shareholders circular for a capital increase from SAR 1.78 billion to SAR 2.34 billion, through issuing 56.15 million ordinary shares for buying two real estate assets owned by Remat Al-Riyadh Development Co.
The 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.
|
Deal Details |
||
|
Market Value |
|
The company’s market value stands at SAR 4.44 bln as of Aug. 29, 2024, which is the agreed date for determining new shares |
|
Capital before increase |
|
SAR 1.78 bln |
|
Number of shares before increase |
|
177.78 mln |
|
Capital increase |
|
SAR 561.53 mln |
|
Capital Increase (%) |
|
31.58% |
|
New Capital |
|
SAR 2.34 bln |
|
Shares after increase |
|
233.93 mln |
|
Price of compensation shares |
|
SAR 10 |
|
New shareholders’ ownership post-acquisition |
|
100% |
|
Ownership percentage of shareholders to whom new shares will be issued after conclusion of the acquisition |
|
24% |
|
Timeframe for Deal Completion |
||
|
EGM approval |
|
Feb. 3, 2025 (If the EGM approval on the transaction is issued at the first or second meeting)
Feb. 27, 2025 (If the EGM approval is issued at the third meeting, as the case may be) |
|
Conveyancing the real estate assets to the company and issuing new title deeds that evidence the company’s ownership of the real estate assets |
|
As soon as possible from the approval of EGM |
|
Listing the consideration shares on the Saudi Exchange (Tadawul) and allocating them to the seller |
|
As soon as possible from conveyancing the real estate assets, which is expected to occur within two trading days from the date of conveyancing the real estate assets |
|
Amending the company’s commercial registration and providing the Ministry of Commerce with the amended bylaws |
|
Within 30 days from the date of transaction completion, which is expected to occur on:
- March 5, 2025 (If the EGM approval on the transaction is issued at the first or second meeting
- March 30, 2025 (If the EGM approval is issued at the third meeting, as the case may be |
Riyadh Development signed, on Sept. 1, 2024, an agreement to acquire two real estate assets from Remat Al-Riyadh Development Co. through a capital increase aimed at issuing new shares to the seller in exchange for these in-kind assets.
For more news and details on M&As
The total agreed value of the seller's assets is SAR 1.4 billion, excluding real estate transaction tax.
The transaction involves a related party, as Remat Al-Riyadh is wholly owned by Riyadh Municipality, represented by Riyadh Development’s Chairman.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}