<Bin Ayyaf pointed out that this step will contribute to supporting quality infrastructure projects, as well as preparing to host major international events and occasions, thus enhancing Riyadh's position as a leading investment center. He also praised the quick approval of the transaction, considering it a proof of investors“ confidence in the company's ambitious vision and its active role in achieving the objectives of the Kingdom's Vision 2030 by diversifying the investment portfolio and enhancing financial sustainability.
<This came during the ceremony of ringing the opening bell of the Saudi Stock Exchange (Tadawul), celebrating the completion of the capital increase transaction Riyadh Development Company through the issuance of shares in favor of Reemat Riyadh Development Company. The event was attended by Jihad bin Abdulrahman Al-Qadi, CEO of Riyadh Development, and Abdullah bin Sulaiman Aboudoudoud, CEO of Reemat Riyadh Development. Bin Ayyaf explained that the transaction aims to create added value for shareholders, accelerate the pace of the company's investment in promising sectors, in addition to contributing to the development of Riyadh's urban landscape and enhancing its economic attractiveness, in line with the Kingdom's aspirations to enhance the investment environment and achieve sustainable development.
Bin Ayyaf explained that the transaction aims to create added value for shareholders.
As part of this transaction, 56,153,041 new ordinary shares, representing 24% of the increased capital, were issued to Reemat Riyadh Development at a nominal value of 10 riyals per share, based on the valuation of the closing price on August 29, 2024.
<Al Ahli Financial Company acted as financial advisor to Riyadh Development Company and PricewaterhouseCoopers (PwC) acted as financial advisor to Riyadh Reemat Riyadh Development Company. A number of law firms have advised both parties, and the required regulatory procedures have been completed, including the approval of the Capital Market Authority and Tadawul Saudi Arabia, as well as the fulfillment of all relevant regulatory requirements.
