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Emaar, The Economic City Announces the Submission of the Application for the Decrease of the Company’s Capital to the Capital Market Authority
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EMAAR EC
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1446/03/19 22/09/2024 08:05:39
| Element List | Explanation |
|---|---|
| Introduction | With reference to Emaar, The Economic City’s (the “Company”) announcement made on 05 Rabi Alawwal 1446H (corresponding to 08 September 2024G) regarding the Board of Director’s recommendation regarding Company’s capital decrease, the Company announces that it submitted the capital decrease application file to the Capital Market Authority on 17 Rabi Alawwal 1446H (corresponding to 20 September 2024G). The proposed capital decrease is one component of the Company’s capital optimisation plan recently announced on 05 Rabi Alawwal 1446H (corresponding to 08 September 2024G), designed to stabilise the Company’s financial and operational positions and optimise its capital structure to enhance its ability to move forward with its growth plans. |
| Date of Submitting the Application File to CMA | 2024-09-20 Corresponding to 1446-03-17 |
| Application Subject | Capital reduction from eleven billion, three hundred thirty-three million, three hundred thirty-three thousand, three hundred forty Saudi Riyals (SAR 11,333,333,340) to five billion, seven hundred two million, one hundred seventy-one thousand, six hundred ninety Saudi Riyals (SAR 5,702,171,690), through cancelling five hundred sixty-three million, one hundred sixteen thousand, one hundred sixty-five (563,116,165) shares of the Company’s shares representing an amount of five billion, six hundred thirty-one million, one hundred sixty-one thousand, six hundred fifty Saudi Riyals (SAR 5,631,161,650). |
| Date of Announcing Board Recommendation to Decrease the Company’s Capital on Saudi Exchange’s Website | 2024-09-08 Corresponding to 1446-03-05 |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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