Logo of Al Akaria
Saudi Real Estate Co. (Al Akaria) announced today, April 28, the prospectus for its capital increase through offering rights issue shares worth SAR 1.593 billion, according to a bourse filing.
The rights issue is aimed to finance and execute the company's future plans and projects, as well as expansion of the various activities and partial repayment of credit facilities.
The company set the offering price at SAR 11.8. It targets SAR 1.593 billion through offering 135 million shares.
Capital will be increased by 56.25% from SAR 2.400 billion to SAR 3.750 billion.
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Capital Hike Details |
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Current capital |
SAR 2.400 bln |
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Number of shares |
240 mln |
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Capital hike% |
56.25% |
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New capital |
SAR 3.750 bln |
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Number of shares |
375 mln |
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Rights Issue Details |
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Number of Shares offered |
135 mln |
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Offer price |
SAR 11.80 |
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Size of issue |
SAR 1.593 bln |
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Eligibility ratio |
Each listed shareholder shall have the right to subscribe to 0.5625 shares per each owned share. |
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Record date |
The increase will be limited to the shareholders who are registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM). |
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Rights issue proceeds |
Repaying credit facilities to Riyad Bank |
SAR 520 mln |
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Repaying credit facilities to Bank AlJazira |
SAR 382.7 mln |
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Financing the Gateway Project |
SAR 309.2 mln |
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Financing the L’Avenir Al-Aqeeq Complex Project |
SAR 159.6 mln |
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Financing the Al-Yamamah Compound Project in the Diplomatic Quarter |
SAR 152.5 mln |
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Supporting working capital |
SAR 48.8 mln |
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Offering expenses |
SAR 20.3 mln |
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