Al Akaria issues prospectus for SAR 1.593 bln rights issue

Logo of Al Akaria

Saudi Real Estate Co. (Al Akaria) announced today, April 28, the prospectus for its capital increase through offering rights issue shares worth SAR 1.593 billion, according to a bourse filing.

The rights issue is aimed to finance and execute the company's future plans and projects, as well as expansion of the various activities and partial repayment of credit facilities.

The company set the offering price at SAR 11.8. It targets SAR 1.593 billion through offering 135 million shares.

Capital will be increased by 56.25% from SAR 2.400 billion to SAR 3.750 billion.

Capital Hike Details
Current capital	SAR 2.400 bln
Number of shares	240 mln
Capital hike%	56.25%
New capital	SAR 3.750 bln
Number of shares	375 mln

Rights Issue Details
Number of Shares offered	135 mln
Offer price	SAR 11.80
Size of issue	SAR 1.593 bln
Eligibility ratio	Each listed shareholder shall have the right to subscribe to 0.5625 shares per each owned share.
Record date	The increase will be limited to the shareholders who are registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM).
Rights issue proceeds	Repaying credit facilities to Riyad Bank	SAR 520 mln
	Repaying credit facilities to Bank AlJazira	SAR 382.7 mln
	Financing the Gateway Project	SAR 309.2 mln
	Financing the L’Avenir Al-Aqeeq Complex Project	SAR 159.6 mln
	Financing the Al-Yamamah Compound Project in the Diplomatic Quarter	SAR 152.5 mln
	Supporting working capital	SAR 48.8 mln
	Offering expenses	SAR 20.3 mln

For More IPOs

Rights Issue Prospectus

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