Sunday, Dec 27, 2009
(This story was originally published Saturday.)
DUBAI (Zawya Dow Jones)--Al Aqeeq Real Estate Development Co. plans to increase its capital by 50% and the sale of SAR700 million ($186.64 million) Islamic bonds.
Al Aqeeq, which is 89.9% owned by Taiba Holding Co., will also raise SAR1 billion in Islamic loans to fund its real estate projects, it said in a statement on the Saudi tadawul web site.
The company's board met on Wednesday and approved funding requirements for the company's planned hotel and residential projects in the Kingdom.
Al Aqeeq plans to increase its SAR3 billion capital through issuing 50% new shares and selling them in an initial public offering, the company said.
-By Mirna Sleiman, Dow Jones Newswires; +9714 446-1698; mirna.sleiman@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
27-12-09 0340GMT
