Riyadh – Mubasher: Saudi Real Estate Infrastructure Company (Binyah), a 60%-owned subsidiary of Saudi Real Estate Company (Al Akaria) will raise its capital to SAR 300 million from SAR 50 million.
The subsidiary will capitalise SAR 250 million from the retained earnings account, according to a bourse disclosure.
The Ministry of Commerce greenlighted the transaction on 30 December 2024.
The increased amount will be disbursed over 300 million shares with a nominal value of SAR 1 per share.
Earlier this month, Al Akaria sold 17 land plots within the Al Dhahia Project at a combined value of SAR 145.14 million.
