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Saudi Arabia’s Emaar, the Economic City’s (Emaar EC) board has greenlit a 68.74% capital hike through debt conversion, owed to the kingdom’s Public Investment Fund.
The Tadawul-listed company said it will increase the company’s share capital to 8.83 billion Saudi Arabian riyals ($2.4 billion) or 883 million shares from the previous SAR 5.23 billion or 523 million ordinary shares by converting the SAR 4.12 billion in debt owed to the kingdom’s sovereign wealth fund.
Emaar EC will issue over 359 million new ordinary shares at the price of SAR 11.45 per share, with a total nominal value of SAR 3.6 billion.
The PIF is a major shareholder in Emaar EC, holding a 25% stake.
(Writing by Bindu Rai, editing by Brinda Darasha)
