Emaar EC’s EGM approve 68.74% capital hike via debt conversion

Emaar EC said the capital hike will be through the conversion of debt owed to PIF, totaling SAR 4.12 billion, into new company share.

Emaar The Economic City’s (Emaar EC) extraordinary general meeting (EGM) approved on Dec. 22 a 68.74% capital increase through the conversion of debt owed to the Public Investment Fund (PIF), amounting to around SAR 4.12 billion, into new company shares, the company said in a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 5.23 bln

Current No. of Shares (Current)

523.26 mln

New Capital

SAR 8.83 bln

New No. of Shares

882.93 mln

Nominal Value

SAR 10

Total New Shares

359.67 mln

New Shares as % of Current Capital

68.74%

Issue Price

SAR 11.45 /share

Total Nominal Value of New Shares

SAR 3.59 bln

Dividend Entitlement for New Shares

All company shares belong to a single class with no preferential rights. The new shares will be issued in the same class as existing shares, carrying the same rights, including the right to receive dividends according to the relevant entitlement dates.

Reason for Capital Increase

Debt conversion is a key component of the company’s capital restructuring plan, aimed at enhancing its ability to pursue growth plans.

Voting Rights of New Shares

All company shares belong to a single class with no preferential rights. The new shares will carry the same voting rights as existing shares, in accordance with the Companies Law and the company’s Articles of Association.

 

The EGM also approved other agenda items, including authorizing the company’s board to take all necessary actions to complete the debt conversion.

 

In addition, shareholders approved the terms of the debt conversion agreement signed between the company and PIF in September 2024, as well as two addenda dated March and August 2025.

 

The general assembly further approved amendments to the policies, criteria, and procedures governing membership of Emaar EC’s board.

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