Emaar EC’s accumulated losses decrease to 28.1% of capital

Emaar The Economic City’s (Emaar EC) accumulated losses decreased to SAR 3.185 billion, accounting for 28.1% of its capital, as of Sept. 30, 2021, the firm said in a statement to Tadawul.

The decrease followed the board of directors’ decision to increase capital through converting SAR 2.83 billion debt owed by the company to the Public Investment Fund (PIF).

Debts will be converted from SAR 8.500 billion to SAR 11.333 billion, at a rate of 33%.

Accordingly, the company' shares increased to 1.133 billion shares from 850 million shares.