Eshraq Properties has announced, in its statement to the Abu Dhabi Securities Exchange (ADX), that its capital increase was successful and was covered by 137%. The amount collected reached AED 819 million and the date of allotment and refund has been set to Sunday, November 30, 2014.

Eshraq Properties had previously announced a capital increase by AED 600 million distributed on 600 million shares at par value AED 1 per share. The increase began Sunday, November 9, 2014 and closed on Thursday, November 20, 2014. The National Bank of Abu Dhabi (NBAD) acted as the receiving bank for the subscription.

Worth noting that Eshraq had reveals plans to purchase a large mall in the UAE, according to Emirates News Agency (WAM). Moreover, Eshraq commenced construction works in its 30-storey and 234-unit Marina Rise Tower on Reem Island.

The developer had also reported its financial statements for the first nine months of the year, with net profit falling to AED 180.49 million against AED 269.65 million during the same period in 2013, registering a 30% profit decline. Eshraq attributed the decline to a plunge in its sales to AED 258.74 million against AED 617.56 million during the nine-month period in 2013.

The Company also revealed a net profit of AED 109.3 million in the third quarter of 2014, down from AED 140.8 million during the same period in 2013.