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Emaar The Economic City's (Emaar EC) shareholders are set to vote on the board of directors' recommendation on increasing capital by 33% from SAR 8.5 billion to SAR 11.33 billion, during the extraordinary general meeting (EGM) that will be held on Sept. 12.

 

In a bourse statement, the company said the capital increase will be effected through settling the SAR 2.83 billion debt it will owe to the Public Investment Fund (PIF).

 

Capital Hike Details

Current Capital

SAR 8.5 bln

Number of Shares

850 mln shares

Capital Hike %

33%

Capital after Increase

SAR 11.33 bln

Number of Shares after Increase

11.33 mln

Increase Value

SAR 2.833 bln

Objectives of Capital Hike

- Settling the debt that the company will owe to the PIF and converting it to 283.33 million ordinary shares for the fund.

 

- Improving the company’s liquidity and credit position in order to provide greater solvency in relation to its financial obligations, and to improve the company’s ability to achieve its growth goals.

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