Emaar The Economic City Announces the Decrease of its Accumulated Losses to 28.1 % of the Capital
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Explanation
Introduction
Reference to the Company's announcement on Tadawul website, dated September 27, 2021 corresponding to Safar 20, 1443H, 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 announces a decrease of its accumulated losses to Saudi Riyals 3,185 million representing 28.1% of the Company's share capital.
Date of accumulated losses decrease
2021-09-30 Corresponding to 1443-02-23
Amount of the Accumulated Losses
3,185 million
Measures Taken by the Company to Decrease Accumulated Losses
Increased in the share capital of the Company by way of debt conversion from eight billion five hundred million Saudi Arabian Riyals (SAR 8,500,000,000) to eleven billion three hundred thirty-three million three hundred thirty-three thousand three hundred forty Saudi Arabian Riyals (SAR 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 (SAR 2,833,333,340).
Auditor's Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses
[Link]
Additional Information
The conversion resulted in increase number of shares of the Company from 850,000,000 to 1,133,333,334.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Emaar The Economic City SJSC published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 13:06:02 UTC.
Emaar The Economic City SJSC is a Saudi Arabia-based company, which is mainly engaged in the development of King Abdullah Economic City (KAEC). Furthermore the Company is engaged in the development of real estate in the economic or other zones and other development activities including infrastructures, promotion, marketing and sale of land within development areas, transfer/lease of land, development of buildings/housing units, and construction on behalf of other parties. The Companyâs subsidiaries are: Economic Cities Investments Holding Company (ECIHC), Industrial Zones Development Company Limited (IZDCL), Economic Cities Real Estate Operation and Management Company Limited (REOM), Economic Cities Pioneer Real Estate Management Company Limited (REM), Economic Cities Real Estate Development Company Limited (RED) and Emaar Knowledge Company Limited (EKC).
EMAAR THE ECONOMIC CITY 
