Al Akaria’s unit obtains EGM nod for capital cut

Reuters Images/Ahmed Yosri

After the decrease transaction, the capital will be distributed over 3.40mln shares at a par value of $2.66 per share

Staff Writer, Mubasher

July 4, 2022

PHOTO

Riyadh – The shareholders of Real Estate Construction Company (Tamear), a fully-owned subsidiary of Saudi Real Estate Company (Al Akaria), have approved to reduce its capital from SAR 100 million to SAR 34 million.

After the decrease transaction, the capital will be distributed over 3.40 million shares at a par value of SAR 10 per share, according to a bourse disclosure on Sunday.

Meanwhile, Al Akaria noted that the capital cut will not affect Tamear's business or its obligations.

The shareholders greenlighted Tamear’s capital reduction during the extraordinary general meeting (EGM) that was held on Thursday, 30 June.

In the first quarter (Q1) of 2022, the Saudi listed company suffered net losses after Zakat and tax of SAR 29.40 million, higher by 539.13% than SAR 4.60 million in the year-ago period.

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