Logo of Retal Urban Development Co.
The Capital Market Authority (CMA) approved an 11% capital increase for Retal Urban Development Co. from SAR 500 million to SAR 555 million. 
The CMA said the planned capital hike will be carried out through issuing 55 million ordinary shares to acquire a 47.5% stake in Ajdan Real Estate Development Co.
According to a statement to Tadawul, the CMA said that the shareholder circular related to Retal’s capital increase will be published sufficiently in advance of the company’s extraordinary general meeting (EGM).
The CMA emphasized the importance of reading and carefully studying all the information contained in the shareholder circular before voting on the transaction.
Shareholders are advised to seek independent financial advice from a licensed advisor before voting on the transaction at the extraordinary general meeting (EGM).
The CMA noted that its approval should not be considered an endorsement of the feasibility of the acquisition, as the approval only means that the statutory requirements under the Capital Market Law and its Implementing Regulations were met.
According to Argaam data, Retal signed a share-swap agreement with Al Fozan in February to acquire its full stake in Ajdan, equivalent to 14.25 million shares, representing 47.5% of Ajdan’s capital, in exchange for issuing new shares.
Logo of Retal Urban Development Co.
The Capital Market Authority (CMA) approved an 11% capital increase for Retal Urban Development Co. from SAR 500 million to SAR 555 million.
The CMA said the planned capital hike will be carried out through issuing 55 million ordinary shares to acquire a 47.5% stake in Ajdan Real Estate Development Co.
According to a statement to Tadawul, the CMA said that the shareholder circular related to Retal’s capital increase will be published sufficiently in advance of the company’s extraordinary general meeting (EGM).
The CMA emphasized the importance of reading and carefully studying all the information contained in the shareholder circular before voting on the transaction.
Shareholders are advised to seek independent financial advice from a licensed advisor before voting on the transaction at the extraordinary general meeting (EGM).
The CMA noted that its approval should not be considered an endorsement of the feasibility of the acquisition, as the approval only means that the statutory requirements under the Capital Market Law and its Implementing Regulations were met.
According to Argaam data, Retal signed a share-swap agreement with Al Fozan in February to acquire its full stake in Ajdan, equivalent to 14.25 million shares, representing 47.5% of Ajdan’s capital, in exchange for issuing new shares.
