Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Ash-Sharqiyah Development Company’s request to increase its capital from SAR 75 million to SAR 120 million.

The capital hike will be through the issuance of 4.5 million ordinary shares to acquire two real estate assets, according to a statement to the Saudi Stock Exchange (Tadawul).

Accordingly, the capital increase will be subject to the approval of the company’s next extraordinary general assembly meeting (EGM).