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Al-Jada Al-Oula shareholders approve capital boost
The First Avenue Real Estate Development Company’s General Assembly approved increasing the company's capital from 205 million riyals to 300 million riyals, a 46.34% rise, by issuing 95 million new shares, granting nine shares for every 20 existing shares. It also approved a program to buy back up to 3 million shares for use in swap or acquisition transactions, and authorized a dividend distribution for periodic profits on a quarterly or biannual basis. This step comes as part of the company's efforts to strengthen its financial position and support future expansion.
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