With reference to the announcement made by Emaar, the Economic City (the "Company") on the Saudi Exchange’s website on 05-03-1446H (corresponding to 08-09-2024G) regarding its Capital Optimisation Plan, and the previous announcements on the same date, which aims to improve the Company’s ability to move forward with its recovery and growth plans; the Company is pleased to announce the completion of all stages of its Capital Optimisation Plan. This included the rescheduling of banking facilities, obtaining a new shareholder loan, and the reduction of the Company's capital to extinguish accumulated losses, followed by a capital increase through debt conversion.
Previous Announcement
Announcement by Emaar, the Economic City regarding its Capital Optimization Plan.
Date of Previous Announcement on Saudi Exchange’s Website
2024-09-08 Corresponding to 1447-07-03
Hyperlink to the Previous Announcement on the Saudi Exchange Website
The completion of all elements of the Capital Optimisation Plan, which included the rescheduling of banking facilities, obtaining a new shareholder loan, and the reduction of the Company’s capital to extinguish accumulated losses, followed by the increase of the Company’s capital through debt conversion.
The costs associated with the event, and if they have changed or not with indication of the reasons.
Not applicable.
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