Abu Dhabi – Mubasher: RAK Properties Company has received the approval of the Securities and Commodities Authority (SCA) to raise its issued capital to AED 3 billion from AED 2 billion, according to a bourse filing on 20 June 2024.

The amended issued capital will be divided into 3 billion shares at a par value of AED 1 per share, compared with 2 billion shares prior to the increase transaction once completed.

RAK Properties noted that “all the company's shares shall be in cash, of the same class, and equal to each other in rights and obligations.”

The regulatory approval of SCA is based on the company’s annual general meeting (AGM) on 20 March this year which approved the distribution of bonus shares at a rate of 4% of the company's capital, valued at AED 80 million, in addition to increasing the company's capital by AED 920 million for the benefit of the government of Ras Al Khaimah as a strategic partner.

In terms of the financial performance, RAK Properties registered net profits after tax worth AED 41.45 million during the first quarter (Q1) of 2024 and revenues amounting to AED 289.81 million.