Saudi Real Estate Co. (Al Akaria) has recieved regulatory approval to set up a closed, shareholding company to carry out its local and international infrastructure projects, the company said in a bourse statement.
The new Riyadh-based company will be capitalized at SAR 50 million, with a share capital of 5 million ordinary shares, priced at SAR 10 par value each, it added.
Al Akaria will own a 60 percent stake in the new company, while the remaining 40 percent will be held by Saudi contractor Mohammed Ali Al Swailem Group (MASCO).
The developer plans to finance its 60 percent equity from its own funds, it said. Relevant financial impact of the new firm is expected to appear on Q1 2017 earnings reports.
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