The Saudi Real Estate Co. (Al Akaria) has received the Ministry of Commerce and Investment’s approval on raising the capital of its subsidiary (Al Widyan Real Estate Co.) to SAR 2.85 billion from SAR 1 billion, the company said in a statementon Tadawul on Monday.
The capital will be divided into 285.3 million shares of SAR 10 par value each.
All shares are ordinary shares in cash and in kind, including a cash value of SAR 250 million paid in full and an in-kind value of SAR 2.6 billion representing the price of the land of Al Widyan project, the statement added.
In July, the Saudi ministry of Commerce and Investment approved setting up Al Widyan Real Estate Co., a wholly owned subsidiary by Al Akaria, with a SAR 1 billion capital to implement Al Widyan project in Riyadh, according to data available in Argaam.
Later in August, Al Akaria launched Al Widyan project at a total cost of SAR 10 billion for the first stage.
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