Riyadh Development submits capital hike file to CMA

Logo of Riyadh Development Co.

Riyadh Development Co. submitted a request to the Capital Market Authority (CMA) on Oct. 8 for a capital increase to facilitate its acquisition of two real estate assets from Remat Al-Riyadh Development Co.

According to a statement to Tadawul, the company will announce any future developments in due course.

For More Mergers and Acquisitions

In September, Riyadh Development signed an acquisition agreement with Remat Al-Riyadh for two real estate assets, Argaam reported.

The acquisition is to be executed through a capital increase by issuing new shares to the seller in exchange for in-kind contribution of the assets.

The total agreed value for the seller's properties is SAR 1.4 billion, excluding real estate transaction taxes.