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A monitor shows the stock exchange at the Saudi Stock Exchange, or Tadawul, on June 15, 2015 in the capital Riyadh. Saudi Arabia's stock exchange allowed foreign investors to trade shares for the first time, boosting efforts by the world's top oil exporter to become a major global capital market. AFP PHOTO / FAYEZ NURELDINE (Photo by FAYEZ NURELDINE / AFP)
Riyadh – The shareholders of Emaar The Economic City passed the board’s recommendation to decrease the company’s capital by %53.83, according to a bourse disclosure.
The extraordinary general meeting (EGM) approved, on 31 December, cancelling 610.07 million shares by eliminating 0.53 share for one owned share.
The new capital will stand at SAR 5.23 billion distributed over 1.13 billion shares, compared to SAR 11.33 billion and 523.25 million shares, prior to the reduction.
In line with Emaar The Economic City’s new strategy to enhance financial operations, the capital cut aims to extinguish accumulated losses that reached SAR 6.10 billion as of 30 September 2024.
The group submitted the application file to the Capital Market Authority (CMA) in September 2024, and the authority approved the transaction last December.
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