Saudi Arabia's Capital Market Authority has approved First Avenue for Real Estate Development Company's request to increase its capital from SAR 205 million to SAR 300 million by issuing bonus shares. The transaction will increase the company's outstanding shares from 205 million to 300 million through the issuance of 95 million new shares. Eligible shareholders registered in the shareholders registry at the Security Depository Center at the close of the second trading day after the due date will receive nine bonus shares for every 20 existing shares. The due date will be set later by the company's board. The increase will be funded by transferring SAR 95 million from the share premium account to capital. The extraordinary general assembly must be held within six months of the approval, and the company must satisfy all regulatory requirements and applicable laws.
Saudi Arabia Capital Markets Authority 2026-05-10
Saudi Arabia's Capital Market Authority approves First Avenue capital increase to SAR 300 million through 95 million bonus shares
The Saudi Arabia Capital Markets Authority approved First Avenue for Real Estate Development Company’s capital increase from SAR 205 million to SAR 300 million through issuing 95 million bonus shares, raising outstanding shares from 205 million to 300 million. Eligible shareholders will receive nine bonus shares for every 20 existing shares, funded by transferring SAR 95 million from the share premium account to capital, subject to an extraordinary general assembly and regulatory compliance.