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

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.