Logo ofRiyadh Development Co.
Riyadh Development Co. issued today, Jan. 13, the shareholders circular as regards its capital increase from SAR 1.78 billion to SAR 2.34 billion, through issuing 56.15 million ordinary shares for the purpose of buying two real estate assets owned by Remat Al-Riyadh Development Co. 
The purchased assets are a 787,480-square-meter (sqm) land plot north of Dammam Road, Al-Rimal District, and a 214,000-sqm plot south of the Northern Ring Road, Al-Murooj District.
Deal Details
Market Value
As of Aug. 29, 2024, the agreed date for determining new shares, the company’s market value stands at SAR 4.44 bln
Capital before increase
SAR 1.78 bln
Number of shares before increase
177.78 mln
Increase value
SAR 561.53 mln
Percentage increase
31.58%
New Capital
SAR 2.34 bln
Number of shares after Increase
233.93 mln
Price of compensation shares
SAR 10
New shareholders’ ownership post-acquisition
100%
Ownership percentage of shareholders to whom new shares will be issued after conclusion of the Acquisition
24%
Timeframe for Deal Completion
EGM approval
Feb. 3, 2025 (If the EGM approval on the transaction is issued at the first or second meeting.
Feb. 27, 2025 (If the EGM approval is issued at the third meeting, as the case may be.
Conveyancing the real estate assets to the company and issuing new title deeds that evidence the company’s ownership of the real estate assets
As soon as possible from the approval date by the extraordinary general assembly.
Listing the consideration shares on the Saudi Exchange (Tadawul) and allocating them to the Seller
As soon as possible from conveyancing the real estate assets, which is expected to occur within two trading days from the date of conveyancing the real estate assets
Amending the company’s commercial registration and providing the Ministry of Commerce with the amended bylaws.
Within 30 days from the date of transaction completion, which is expected to occur on:
– March 5, 2025 (If the EGM approval on the transaction is issued at the first or second meeting.
– March 30, 2025 (If the EGM approval is issued at the third meeting, as the case may be.
Riyadh Development signed, on Sept. 1, 2024 an agreement to acquire two real estate assets from Remat Al-Riyadh Development Co. through a capital increase aimed at the issuance of new shares to the seller in exchange for these in-kind assets.
For more news and details on MAs
The total agreed value of the seller’s assets is SAR 1.4 billion, excluding real estate transaction tax.
The transaction involves a related party, as Remat Al-Riyadh is fully owned by Riyadh Municipality, represented by Riyadh Development’s Chairman.
Logo ofRiyadh Development Co.
Riyadh Development Co. issued today, Jan. 13, the shareholders circular as regards its capital increase from SAR 1.78 billion to SAR 2.34 billion, through issuing 56.15 million ordinary shares for the purpose of buying two real estate assets owned by Remat Al-Riyadh Development Co.
The purchased assets are a 787,480-square-meter (sqm) land plot north of Dammam Road, Al-Rimal District, and a 214,000-sqm plot south of the Northern Ring Road, Al-Murooj District.
Deal Details
Market Value
As of Aug. 29, 2024, the agreed date for determining new shares, the company’s market value stands at SAR 4.44 bln
Capital before increase
SAR 1.78 bln
Number of shares before increase
177.78 mln
Increase value
SAR 561.53 mln
Percentage increase
31.58%
New Capital
SAR 2.34 bln
Number of shares after Increase
233.93 mln
Price of compensation shares
SAR 10
New shareholders’ ownership post-acquisition
100%
Ownership percentage of shareholders to whom new shares will be issued after conclusion of the Acquisition
24%
Timeframe for Deal Completion
EGM approval
Feb. 3, 2025 (If the EGM approval on the transaction is issued at the first or second meeting.
Feb. 27, 2025 (If the EGM approval is issued at the third meeting, as the case may be.
Conveyancing the real estate assets to the company and issuing new title deeds that evidence the company’s ownership of the real estate assets
As soon as possible from the approval date by the extraordinary general assembly.
Listing the consideration shares on the Saudi Exchange (Tadawul) and allocating them to the Seller
As soon as possible from conveyancing the real estate assets, which is expected to occur within two trading days from the date of conveyancing the real estate assets
Amending the company’s commercial registration and providing the Ministry of Commerce with the amended bylaws.
Within 30 days from the date of transaction completion, which is expected to occur on:
– March 5, 2025 (If the EGM approval on the transaction is issued at the first or second meeting.
– March 30, 2025 (If the EGM approval is issued at the third meeting, as the case may be.
Riyadh Development signed, on Sept. 1, 2024 an agreement to acquire two real estate assets from Remat Al-Riyadh Development Co. through a capital increase aimed at the issuance of new shares to the seller in exchange for these in-kind assets.
For more news and details on MAs
The total agreed value of the seller’s assets is SAR 1.4 billion, excluding real estate transaction tax.
The transaction involves a related party, as Remat Al-Riyadh is fully owned by Riyadh Municipality, represented by Riyadh Development’s Chairman.
