Riyadh – Mubasher: The board members of Emaar The Economic City (EEC) applied to the Capital Market Authority (CMA) to increase its capital through debt conversion, according to a bourse filing.
The transaction will be implemented through converting the debt of the Public Investment Fund (PIF), as the board recommended increasing the amount of debt to be converted from SAR 3.97 billion to SAR 4.11 billion.
In September 2024, the company’s board members greenlighted a transformative business strategy that covers a SAR 8.70 billion capital optimization plan (COP), including the full conversion to share capital of SAR 4 billion of its debt owed to the PIF.
The company recently announced 348.62% year-on-year (YoY) higher net losses valued at SAR 1.13 billion registered at the end of December 2024, compared to SAR 253 million.
