Saudi Real Estate Co.’s (Al Akaria) board of directors has recommended a 100 percent capital hike to SAR 2.4 billion from SAR 1.2 billion, through the issue of one bonus share for every one share held.
The capital hike will be financed by capitalizing SAR 730 million from statutory reserve and SAR 470 million from conventional reserve.
The step aims to match the company's capital to its assets to cope with its current and future expansion plans.
The process is pending approval from the general assembly and regulator.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 1.2 bln |
|
Number of shares |
120 mln shares |
|
Hike (%) |
100% (1 for every 1 shares) |
|
New Capital |
SAR 2.4 bln |
|
New number of shares |
240 mln shares |
|
Method |
Bonus shares |
|
Driver |
Matching capital to assets and supporting expansion plans. |
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