Logo of King Abdullah Economic City (KAEC)
Shareholders of Emaar The Economic City (Emaar EC) approved on Sept. 26 the board’s recommendation on increasing capital through converting SAR 2.83 billion debt owed by the company to the Public Investment Fund (PIF).
|
Details of Capital Hike via Debt Conversion |
|
|
Current Capital |
SAR 8.5 bln |
|
Number of Shares |
850 mln |
|
Percentage of Increase |
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 owed by the company to the PIF and converting it to 283.33 million ordinary shares for the fund.
- Improving the company’s liquidity ratios and credit position in order to provide greater solvency in relation to its financial obligations and improve its ability to achieve its growth goals. |
The following table shows the major shareholders and their stake before and after the debt conversion:
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Company’s Major Shareholders |
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|
Shareholders |
Before Debt Conversion |
After Debt Conversion |
||
|
Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
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% |
The following table shows public and creditor ownership before and after debt conversion:
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Public and PIF Ownership |
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|
Shareholders |
Before Debt Conversion |
After Debt Conversion |
||
|
Number of Shares (mln) |
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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