Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Emaar The Economic City (EEC) to lower its capital to SAR 5.23 billion from SAR 11.33 billion.
Following the transaction, the number of shares will be reduced from 1.13 billion to 523.25 million, according to a bourse disclosure.
Last September, Emaar The Economic City submitted the application file to the CMA in line with its new strategy to enhance financial operations and eliminate accumulated losses, which hit 53.83% of the company’s share capital.
It is worth highlighting that the CMA greenlighted the capital cut on 5 December 2024.
