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.
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Capital Increase Highlights |
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Current capital |
SAR 2.4 bln |
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Number of shares |
240 mln |
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Capital increase % |
56.25% |
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Capital after increase |
SAR 3.75 bln |
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Number of shares after increase |
375 mln |
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Rights Issue Highlights |
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Number of rights shares |
135 mln |
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Offering price per share |
SAR 11.80 |
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Issuance size |
SAR 1.593 bln |
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Eligibility ratio |
Each registered shareholder will have 0.5625 right for every share held |
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Record date |
May 18 (Shareholders of record by the close of trading on the second day following the EGM date) |
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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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