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Ash-Sharqiyah Development mulls SAR 225m capital increase

Ash-Sharqiyah Development mulls SAR 225m capital increase
The capital raise will be subject to regulatory approvals.
SHARQIYAH DEV
6060
18.08% 18.68 2.86

Riyadh – Mubasher: Ash-Sharqiyah Development Company’s board recommended increasing the company’s capital by SAR 225 million via a rights issue.

This comes to enable the company to implement its strategic and operational plans while supporting its future activities, according to a recent bourse disclosure.

The capital raise will be subject to the approvals of the company’s extraordinary general meeting (EGM) and official relevant bodies.

By 1:30 PM KSA local time, Ash-Sharqiyah Development’s stock headed the rising stocks by 6.7% to reach SAR 95.5, gaining around SAR 6.