Logo ofEmaar The Economic City (Emaar EC)
Emaar The Economic City’s (Emaar EC) shareholders approved the board’s recommendation to cut capital by 53.83% from SAR 11.33 billion to SAR 5.23 billion, during the extraordinary general meeting (EGM), held on Dec. 31, according to a statement to Tadawul. 
Capital Cut Details
Current Capital
SAR 11.33 bln
CurrentNumber of Shares
1.13 bln
Percentage Decrease
53.83%
New Capital
SAR 5.23 bln
New Number of Shares
523.26 mln
Method
To cancel 610.07mlnshares at0.5383sharefor each share owned
Reason
To offset the accumulated losses of SAR 6.1blnas of Sept. 30, 2024
Date of Capital Reduction
On Dec. 31, 2024 (For those registered with the Securities Depository Center Co. (Edaa), by the end of the second trading day following the EGMthat will decide on the capital cut)
Thecapital reduction decisionwill be applicable onshareholdersof record, on the date of the EGM and those registered with the Securities Depository Center (Edaa) by the end of the second trading day following the general meeting date.
For more news on listed companies
The company stated that it appointed KPMG Professional Services Co. as its auditor to prepare a limited assurance report on capital reduction. The report outlines the reasons for the reduction and its anticipated impact on the company’s obligations, based on the auditor’s report. The capital reduction will have no negative impact on the company’s obligations.
Logo ofEmaar The Economic City (Emaar EC)
Emaar The Economic City’s (Emaar EC) shareholders approved the board’s recommendation to cut capital by 53.83% from SAR 11.33 billion to SAR 5.23 billion, during the extraordinary general meeting (EGM), held on Dec. 31, according to a statement to Tadawul.
Capital Cut Details
Current Capital
SAR 11.33 bln
CurrentNumber of Shares
1.13 bln
Percentage Decrease
53.83%
New Capital
SAR 5.23 bln
New Number of Shares
523.26 mln
Method
To cancel 610.07mlnshares at0.5383sharefor each share owned
Reason
To offset the accumulated losses of SAR 6.1blnas of Sept. 30, 2024
Date of Capital Reduction
On Dec. 31, 2024 (For those registered with the Securities Depository Center Co. (Edaa), by the end of the second trading day following the EGMthat will decide on the capital cut)
Thecapital reduction decisionwill be applicable onshareholdersof record, on the date of the EGM and those registered with the Securities Depository Center (Edaa) by the end of the second trading day following the general meeting date.
For more news on listed companies
The company stated that it appointed KPMG Professional Services Co. as its auditor to prepare a limited assurance report on capital reduction. The report outlines the reasons for the reduction and its anticipated impact on the company’s obligations, based on the auditor’s report. The capital reduction will have no negative impact on the company’s obligations.
