Al Akaria shareholders approve capital hike
RIYADH, May 19, 2022
Saudi Real Estate Company (Al Akaria) has announced that it has won approval from its shareholders to increase the company's capital from SR2.4 billion ($639 million) to SR3.75 billion ($998 million).
The investors' nod for the capital hike through a rights issue worth SR1.593 billion ($424.2 million) came at the Al Akaria's extraordinary general meeting (EGM) held yesterday (May 18).
These extra funds will be mainly used for financing and implementing the company's plans and future projects, and expanding its various activities in addition to paying off part of the credit facilities, stated Al Akaria in its filing to Saudi bourse Tadawul.
Alakaria has recently signed an agreement with AlJazira Bank to secure sharia-compliant bridge financing facilities worth SR400 million ($109 million) towards the purchase of a key plot of land in AlMarjan region of the kingdom.
The plot, located in Al Qadisiyah District/AlMarjan, is worth a total SR728 (excluding the real estate transaction tax and broker's commission), it added.-TradeArabia News Service
