Riyadh – Mubasher: The shareholders of Riyadh Development Company greenlighted a 31.58% capital hike to SAR 2.33 billion from SAR 1.77 billion.
The Tadawul-listed company will use the proceeds of the capital raise to acquire two real estate assets owned by Remat Al Riyadh Development Company.
Following the transaction, the new capital will be disbursed over 233.93 million shares, instead of 177.77 million shares.
The extraordinary general meeting (EGM) passed the capital increase on 3 February.
On 7 January, the Capital Market Authority (CMA) approved the company’s request to issue 56.15 million ordinary shares to implement the capital hike.
