Riyadh – Mubasher: The Capital Market Authority (CMA) approved, on 7 January, the request of Riyadh Development Company to raise its capital to SAR 2.33 billion from SAR 1.77 billion.
The company will issue 56.15 million ordinary shares to implement the capital hike, according to a bourse disclosure.
The proceeds of the capital increase will be used for purchasing two real estate assets owned by Remat Al Riyadh Development Company.
Last December, the Tadawul-listed company penned a SAR 3.50 billion deal to establish a real estate investment fund.
