Riyadh – Mubasher: The shareholders of Saudi Real Estate Company (Al Akaria) have agreed to increase the company’s capital from SAR 2.40 billion to SAR 3.75 billion through a rights issue.

The capital raise will be carried out by offering a rights issue worth SAR 1.59 billion at a price of SAR 11.80 per share, according to a bourse disclosure on Thursday.

The new capital will be distributed over 375 million shares, compared to 240 million shares prior to the hike.

The shareholders granted their approval for the 56.25% capital raise during the ordinary general meeting (OGM) that was held on Wednesday, 18 May.

Last year, the real estate developer reported net profits after Zakat and tax worth SAR 54.90 million, compared to net losses of SAR 140.70 million in 2020.