Al Akaria board amends capital hike recommendation to SAR 1.593 bln rights issue

12/12/2021 Argaam
Logo of Saudi Real Estate Co.

Logo of Saudi Real Estate Co.

Saudi Real Estate Co.’s (Al Akaria) board of directors approved, today, Dec. 12, amending the recommendation on increasing capital to SAR 1.593 billion from SAR 1.6 billion.

 

In a bourse statement, the company said that it will announce any fundamental developments as required by applicable rules, including the submission of the capital increase application to the Capital Market Authority (CMA) for its approval.

 

Al Akaria has appointed SNB Capital as the financial adviser and appointed Khoshaim & Associates as its legal adviser for the capital increase, the statement added.

 

In September, the company’s board of directors approved to increase the company's capital through rights issue worth SAR 1.6 billion, according to data compiled by Argaam.

 

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