Emaar EC eyes 33% capital hike as it looks to boost liquidity ...United Arab Emirates

ME CONSTRUCTION NEWS - Local News
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 20
Emaar EC, the master developer behind King Abdullah Economic City (KAEC) in Saudi Arabia, has said that its board of directors has recommended a 33% increase in its capital, taking the total from $2.26 billion to $3.01 billion. In its filing to the Saudi Tadawul, the developer explained that the capital hike will be effected through settlement of the $754.5 million debt it owes to the Public Investment Fund (PIC). It added that the move is aimed at boosting the company’s liquidity and credit position in order to provide greater solvency in relation to its financial obligations, and to help improve the company’s ability to achieve its goals. The approval plan will be put to a shareholders’ vo

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