Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Manazel greenlighted a capital hike to AED 3.12 billion from AED 2.60 billion, according to a press release.
The ADX-listed firm will issue bonus shares amounting to AED 500 million at a nominal value of AED 1 per share.
Manazel will use the entire capital increase to establish lands in Mohammed bin Zayed City and allocate an entire project for rental, which provides a fixed income of nearly AED 350 million annually.
The capital increase also aims to achieve continuous liquidity to cover the distribution of sustainable annual profits and boost the company’s real estate portfolio to generate a total annual income exceeding AED 500 million.
Furthermore, it plans to lower the ratio of debt to total equity in the company from 50% to 10% after the completion of the project, in addition to increasing the value of assets from AED 5 billion to AED 10 billion.
In the 12-month period that ended on 31 December 2023, the company reported higher net losses at AED 222.34 million, compared to AED 152.83 million a year earlier.
