Logo of King Abdullah Economic City
Emaar The Economic City (Emaar EC) announced that availability of its shareholders’ circular regarding the capital increase through debt conversion.
Shareholders are set to vote on the board’s recommendation on a capital increase through converting a loan owed by the company to the Public Investment Fund (PIF) worth SAR 2.83 billion at the extraordinary general meeting (EGM) slated on Sept. 26.
|
Details of Capital Hike via Debt Conversion |
|
|
Current Capital |
SAR 8.5 bln |
|
Number of Shares |
850 mln |
|
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 owes 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. |
The following table shows the substantial shareholders and their shareholding before and after the debt conversion:
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Company’s Major Shareholders |
||||
|
Shareholders |
Before Debt Conversion |
After Debt Conversion |
||
|
Number of Shares (mln shares) |
Ownership (%) |
Number of Shares (mln shares) |
Ownership (%) |
|
|
Dayim Modern Real Estate Management Co. |
142.71 |
16.78% |
142.71 |
12.59% |
|
ME Royal Capital LLC |
80.00 |
9.41% |
80.00 |
7.06% |
|
Emaar Middle East LLC |
50.00 |
5.88% |
50.00 |
4.41% |
|
ME Strategic Investments LLC |
50.00 |
5.88% |
50.00 |
4.41% |
|
ME Holdings LLC |
50.00 |
5.88% |
50.00 |
4.41% |
|
ME Partners Co. LLC |
46.00 |
5.41% |
46.00 |
4.06% |
*There is no indirect ownership for any of the substantial shareholders
The following table shows public and creditor ownership before and after debt conversion:
|
Public and PIF Ownership |
||||
|
Shareholders |
Before Debt Conversion |
After Debt Conversion |
||
|
Number of Shares (mlns) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
|
|
Public Investment Fund |
-- |
-- |
283.33 |
25.00% |
|
Public |
431.29 |
50.74% |
431.29 |
38.05% |
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