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Emaar, The Economic City Announces the Submission of the Application for the Increase of the Company’s Capital through Debt Conversion to CMA
| Element List | Explanation |
|---|---|
| Introduction | With reference to Emaar, The Economic City’s (the “Company”) announcement made on 05 Rabi AlAwaal 1446H (corresponding to 08 September 2024G) on the Saudi Exchange’s website regarding the recommendation of the Board of Directors to the shareholders to increase the Company’s capital through converting the debt of the Public Investment Fund (the “PIF”), which totals SAR 3,972,415,091 to new ordinary shares in the Company, ), and announces its entry into the related conversion agreement with the PIF on 04 Rabi AlAwwal 1446H (corresponding to 07 September 2024G) (the “Conversion Agreement”), and the subsequent material development announcement made on 10 Ramadan 1446H (corresponding to 10 March 2025G) regarding the amendment of the previous Board’s recommendation by increasing the amount of debt to be converted from SAR 3,972,415,091 to SAR 4,118,221,464.63, which was done to include all interest, commissions and fees until 31 December 2024 and the entry into an addendum to the Conversion Agreement on 09 Ramadan 1446H (corresponding to 09 March 2025) to reflect this increase and agree the conversion mechanics; the Company is pleased to announce the submission of the application for the increase of the Company’s capital through debt conversion to Capital Market Authority. |
| Date of Submitting the Application File to CMA | 2025-03-29 Corresponding to 1446-09-29 |
| Application Subject | Increase the capital of the Company through converting the debt owed to the PIF amounted to SAR 4,118,221,464.63. |
| Date of Announcing Board Recommendation to Increase the Company’s Capital By Debt Conversion on Saudi Exchange’s Website | 2024-09-08 Corresponding to 1446-03-05 |
| Additional Information | The debt conversion is subject to shareholders’ approval, and the Company will invite the general assembly after obtaining the relevant regulatory approvals. It is worth mentioning that the PIF is related party, as it is one of the Company’s substantial shareholders. The proposed debt conversion is one component of the Company’s capital optimisation plan announced on 05 Rabi AlAwaal 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. The Company will announce material developments as they occur. |
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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Last Price 12.6
Net Change -0.42 (-3.23%)
Value Traded (Sar) 3,151,685.2
Volume Traded 248,190
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