Logo ofFirst Avenue for Real Estate Development Co.
First Avenue for Real Estate Development Co.’s board of directors, on Oct. 15, recommended increasing the company’s capital by 46.34% from SAR 205 million to SAR 300 million via bonus share issuance, according to a statement toTadawul. 
Capital Increase details
Current Capital
SAR 205 mln
Number of Shares
205 mln
Nominal Value
SAR 1 per share
New Capital
SAR 300 mln
Number of Shares
300 mln
Percentage of Increase
46.34% (nine bonus shares for every 20 outstanding shares owned by the company’s shareholders registered in the shareholders’ register at the end of the eligibility date. In addition, 2.75 million shares will be allocated as treasury shares, representing 1.3% of the company’s current capital, to be designated for the employee incentive shares program.
Reason
To strengthen the capital base in line with the growth of its operations and expansion of its real estate projects, and to reinforce the company’s financial position in support of its future plans and strategy to enhance shareholders’ equity.
Method
By capitalizing SAR 95 million from the share premium account.
Record Date
Shareholders of record who are registered with Edaa on the second trading day following the record date
Fractional shares, if any, will be compiled in one portfolio to be offered at the market price, and the proceeds will be distributed among eligible shareholders pro rata within 30 days.
The bonus issue will be subject to the approvals of the competent authorities, as well as the extraordinary general meeting (EGM), the statement said.
Logo ofFirst Avenue for Real Estate Development Co.
First Avenue for Real Estate Development Co.’s board of directors, on Oct. 15, recommended increasing the company’s capital by 46.34% from SAR 205 million to SAR 300 million via bonus share issuance, according to a statement toTadawul.
Capital Increase details
Current Capital
SAR 205 mln
Number of Shares
205 mln
Nominal Value
SAR 1 per share
New Capital
SAR 300 mln
Number of Shares
300 mln
Percentage of Increase
46.34% (nine bonus shares for every 20 outstanding shares owned by the company’s shareholders registered in the shareholders’ register at the end of the eligibility date. In addition, 2.75 million shares will be allocated as treasury shares, representing 1.3% of the company’s current capital, to be designated for the employee incentive shares program.
Reason
To strengthen the capital base in line with the growth of its operations and expansion of its real estate projects, and to reinforce the company’s financial position in support of its future plans and strategy to enhance shareholders’ equity.
Method
By capitalizing SAR 95 million from the share premium account.
Record Date
Shareholders of record who are registered with Edaa on the second trading day following the record date
Fractional shares, if any, will be compiled in one portfolio to be offered at the market price, and the proceeds will be distributed among eligible shareholders pro rata within 30 days.
The bonus issue will be subject to the approvals of the competent authorities, as well as the extraordinary general meeting (EGM), the statement said.
