LogoEmaar, the Economic City Co.
Emaar The Economic City’s (Emaar EC) board of directors amended on March 8 an earlier recommendation to increase capital by converting the debt owed to the Public Investment Fund (PIF) into new ordinary shares. 
The board proposed increasing the amount of debt to be converted from SAR 3.97 billion to SAR 4.11 billion, in order to include all interest, commissions and fees until Dec. 31, 2024, the developer said in a statement toTadawul.
The company also entered into an addendum to the conversion agreement on March 9 to reflect this increase and agree to the conversion mechanics.
Emaar EC will include all relevant details in its shareholders’ circular, which will be published after obtaining the approvals of the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul).
LogoEmaar, the Economic City Co.
Emaar The Economic City’s (Emaar EC) board of directors amended on March 8 an earlier recommendation to increase capital by converting the debt owed to the Public Investment Fund (PIF) into new ordinary shares.
The board proposed increasing the amount of debt to be converted from SAR 3.97 billion to SAR 4.11 billion, in order to include all interest, commissions and fees until Dec. 31, 2024, the developer said in a statement toTadawul.
The company also entered into an addendum to the conversion agreement on March 9 to reflect this increase and agree to the conversion mechanics.
Emaar EC will include all relevant details in its shareholders’ circular, which will be published after obtaining the approvals of the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul).
