Emaar EC shareholders to vote on 53.83% capital cut on Dec. 31

Logo of Emaar The Economic City Co. (Emaar EC)

Emaar The Economic City's (Emaar EC) shareholders will vote on the board’s recommendation to reduce its capital by 53.83% from SAR 11.33 billion to SAR 5.23 billion, during the extraordinary general meeting (EGM) to be held on Dec. 31.

Capital Cut Details
Current Capital	SAR 11.33 bln
Current Number of Shares	1.13 bln
Percentage Decrease	53.83%
New Capital	SAR 5.23 bln
New Number of Shares	523.26 mln
Method	To cancel 610.07 mln shares at 0.5383 share for each share owned
Reason	To offset the accumulated losses of SAR 6.1 bln as of Sept. 30, 2024
Date of Capital Reduction	On Dec. 31, 2024 (For those registered with the Securities Depository Center Co. (Edaa), by the end of the second trading day following the EGM that will decide on the capital cut)

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The company stated that it appointed KPMG Professional Services Co. as its auditor to prepare a limited assurance report on capital reduction. The report outlines the reasons for the reduction and its anticipated impact on the company’s obligations, based on the auditor's report.

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