The Saudi Arabia Capital Markets Authority has approved Arriyadh Development Co.’s request to increase its capital to fund the purchase of two real estate assets owned by Remat Al-Riyadh Development Company. The capital will rise from SAR 1,777,777,770 to SAR 2,339,308,180 through the issuance of 56,153,041 ordinary shares. A shareholder circular will be published ahead of the Extraordinary General Assembly meeting and is expected to set out the key information shareholders need for an informed vote, including details of the capital increase and related risk factors. The CMA noted that its approval confirms legal requirements under the Capital Market Law and its Implementing Regulations have been met, and does not constitute an endorsement of the transaction’s feasibility.
Saudi Arabia Capital Markets Authority 2025-01-07
Saudi Arabia Capital Markets Authority approves Arriyadh Development capital increase to acquire two real estate assets
The Saudi Arabia Capital Markets Authority has approved Arriyadh Development Co.'s capital increase from SAR 1,777,777,770 to SAR 2,339,308,180 to fund the acquisition of two real estate assets. This will be achieved through issuing 56,153,041 ordinary shares. The CMA clarified that its approval ensures compliance with legal requirements but does not endorse the transaction's feasibility.