The Capital Market Authority has approved, on 28 November, Ash-Sharqiyah Development Company's request to increase its capital by SAR 225 million through a rights issue.

Ash-Sharqiyah Development’s capital currently stands at SAR 75 million, according to the latest data on the Saudi Exchange (Tadawul).

Therefore, the new capital will amount to SAR 300 million after the hike process.

During the first nine months (9M) of 2022, Ash-Sharqiyah Development incurred net losses after Zakat and tax of SAR 1.74 million, a plunge of 50.27% from SAR 3.50 million in 9M-21.

Meanwhile in the third quarter (Q3) of 2022, the real estate developer suffered net losses worth SAR 736,366 which was 2.93% lower than SAR 758,601 in Q3-21.

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