AI Summary
Edaa implemented a securities quantity increase for Emaar EC in the accounts of eligible shareholders
The Securities Depository Center Co. (Edaa) implemented a securities quantity increase for Emaar The Economic City (Emaar EC) in the accounts of eligible shareholders on Dec. 25, according to a statement to Tadawul.
Emaar EC’s extraordinary general meeting approved on Dec. 22 a 68.74% capital increase through the conversion of about SAR 4.12 billion in debt owed to the Public Investment Fund into new shares.
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Capital Hike Details |
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Current Capital |
SAR 5.23 bln |
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Current No. of Shares (Current) |
523.26 mln |
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New Capital |
SAR 8.83 bln |
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New No. of Shares |
882.93 mln |
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Nominal Value |
SAR 10 |
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Total New Shares |
359.67 mln |
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New Shares as % of Current Capital |
68.74% |
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Issue Price |
SAR 11.45 /share |
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Total Nominal Value of New Shares |
SAR 3.59 bln |
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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. |
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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. |
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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. |
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