Saudi CMA approves Emaar EC's $756mln capital increase

Increase to be achieved through debt conversion to the kingdom's Public Investment fund

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri

Saudi’s Emaar the Economic City (EMAAR EC) has had its capital increase approved by the kingdom’s Capital Market Authority, it said in a statement to the Saudi Stock Exchange Tadawul.

The company announced the proposed increase in May, to convert debt and owe SAR 2.833 billion ($756 million) to the Saudi Public Investment Fund (PIF).

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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