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Al Akaria's Subsidiary to Boost Capital by SAR 250 Million
By KlickAnalytics Data Insights | December 31, 2024 09:04AM ET
- Capital increase to be funded by SAR 250 million from retained earnings
- Ministry of Commerce approves transaction on 30 December 2024
Riyadh – Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Saudi Real Estate Company (Al Akaria) with a 60% ownership, is set to increase its capital to SAR 300 million from SAR 50 million. This decision comes as the subsidiary plans to capitalize SAR 250 million from the retained earnings account, as disclosed by the company to the bourse. The Ministry of Commerce has given the green light for this transaction, paving the way for future growth and development.
The increased capital will be distributed over 300 million shares, each with a nominal value of SAR 1 per share. In a related move earlier this month, Al Akaria successfully sold 17 land plots within the Al Dhahia Project, achieving a combined value of SAR 145.14 million. This strategic decision underscores the company's commitment to expansion and diversification within the real estate sector, positioning itself as a key player in the market.
As Al Akaria's subsidiary takes a bold step towards increasing its capital base, investors and stakeholders are keenly watching to see how this move will impact the company's future performance and market position. With a solid foundation and clear growth strategy in place, Al Akaria aims to capitalize on emerging opportunities and drive value for its shareholders in the long run.
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