Emaar The Economic City Announces Decrease of Accumulated Losses to 28.1 % of Capital

Emaar The Economic City announced a decrease of its accumulated losses to SR 3,185 million representing 28.1% of the Company’s share capital.

The company said that this is in reference to the Company’s announcement on Tadawul website, dated September 27, 2021 on the results of the extraordinary general assembly meeting that included the approval to increase the company’s capital by way of debt conversion.

Emaar The Economic City has also said that that measures taken by the Company to decrease accumulated losses included the increase in the share capital of the Company by way of debt conversion from eight billion five hundred million Saudi Arabian Riyals (SR 8,500,000,000) to eleven billion three hundred thirty-three million three hundred thirty-three thousand three hundred forty Saudi Arabian Riyals (SR 11,333,333,340) with an increase of thirty three percent (33%) amounting to two billion eight hundred thirty-three million three hundred thirty-three thousand three hundred forty Saudi Arabian Riyals (SR 2,833,333,340).