Logo ofEmaar the Economic City Co. pictured, as it extends PIF conversion agreement until Dec. 31, 2025
Emaar the Economic City (Emaar EC) said in a statement to Tadawul that it, on Aug. 26, extended the related conversion agreement with the PIF inked on Sept. 7, 2024, until Dec. 31, 2025.
According to data compiled byArgaam, Emaar EC’s board of directorsrecommendedin March increasing capital through converting the PIF’s SAR 3.97 billion debt to new ordinary shares.
This included the liabilities and financial obligations owed to the fund under the shareholder loan agreement dated Feb. 19, 2023, and the debt novated from the Ministry of Finance (MoF) to the PIF on Sept. 5, 2024. The company also signed the related conversion agreement with the PIF on Sept. 7, 2024.
Logo ofEmaar the Economic City Co. pictured, as it extends PIF conversion agreement until Dec. 31, 2025
Emaar the Economic City (Emaar EC) said in a statement to Tadawul that it, on Aug. 26, extended the related conversion agreement with the PIF inked on Sept. 7, 2024, until Dec. 31, 2025.
According to data compiled byArgaam, Emaar EC’s board of directorsrecommendedin March increasing capital through converting the PIF’s SAR 3.97 billion debt to new ordinary shares.
This included the liabilities and financial obligations owed to the fund under the shareholder loan agreement dated Feb. 19, 2023, and the debt novated from the Ministry of Finance (MoF) to the PIF on Sept. 5, 2024. The company also signed the related conversion agreement with the PIF on Sept. 7, 2024.
