The extraordinary general assembly of the Saudi Real Estate Company approved an increase in the capital from 2.4 billion riyals to 3.750 billion riyals through a rights issue of 1.593 billion riyals.
According to Arabiya Net, the company clarified in a statement that the increase represents 56.25% of the company's capital, representing 0.5625 new shares for each existing share.
And she added that the reason for the capital increase is to finance and implement the company's plans and future projects and expand its various activities, in addition to repaying part of the credit facilities.
In a separate statement, Saudi Tadawul stated that the company's share fluctuation rate for Thursday, May 19, 2022 will be calculated based on the price of 16.18 riyals, and the existing orders will be canceled.
The Saudi Real Estate Company's rights will be deposited in the shareholders' portfolios on Monday, May 23, 2022.