Emaar The Economic City submits capital cut request to CMA

EMAAR EC
4220 20.71% 8.80 1.51

Riyadh – Mubasher: Emaar The Economic City (EEC) submitted an application file to the Capital Market Authority (CMA), on 20 September 2024, to lower its capital.

The group will cancel 563.11 million shares valued at SAR 5.63 billion to reduce its capital to SAR 5.70 billion from SAR 11.33 billion, according to a bourse disclosure.

After the transaction, the new capital will be distributed over 570.21 million shares, instead of 1.13 billion shares.

Emaar The Economic City announced the 49.69% reduction to eliminate accumulated losses, which reached SAR 5.63 billion as of 30 June 2024. 

On 8 September, the board members greenlighted a SAR 8.70 billion capital optimisation plan (COP) that includes restructuring the company’s SAR 3.80 billion in bank debt facilities.

Source: Mubasher Source: {{details.article.source}}