Saudi Al Akaria’s board approves capital hike

The real estate developer aims to secure $426mln through the offering

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser
Riyadh –  The board of Saudi Real Estate Company (Al Akaria) gave the green light for increasing the capital through a rights issue, according to a disclosure to Tadawul on Monday.

The real estate developer aims to secure SAR 1.6 billion through the offering.

Al Akaria plans to use the proceeds of the rights issue in financing and implementing its future plans and projects, in addition to expanding its various activities.

The extraordinary general meeting (EGM) still has to approve the capital raise.

The company will appoint SNB capital as the financial advisor for the offering.

Source: Mubasher

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