CMA Approves Ash-Sharqiyah Development Company's request to increase its capital to acquire two real estate assets

Thursday, December 05, 2019 at 9:24 AM

Thu Dec 5, 2019 09:24

The CMA announces the issuance of its resolution approving Ash-Sharqiyah Development  Company's request to increase its capital from SAR (75,000,000) to SAR (120,000,000) by issuing (4,500,000) ordinary shares to acquire two real estate assets.
Shareholder circular related to Ash-Sharqiyah Development Company’s capital increase will be published within sufficient time before the Extraordinary General Assembly Meeting. The shareholder circular must include all relevant information that the shareholders need to know before making an informed decision when voting on the capital increase for the purpose described, including the increase in capital and risk factors.
A voting decision without reading the shareholders circular and carefully reviewing its content may involve high risks. Therefore, the shareholder should carefully read the shareholders circular to be able to reach a proper voting decision. If the shareholders circular prove difficult to understand, it is recommended to consult with an authorized financial advisor.
The CMA’s approval of the Company's request to increase its capital should never be considered as an endorsement of the increase in capital for the aforementioned purpose feasibility. The CMA's approval of the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.