Articles > Newspapers > International Newspapers, Major Markets > Al Bawaba articles > July 2006

Article: CMA approves 'Emaar the Economic City' SR 2.55 billion IPO

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Al Bawaba
Article date:
July 11, 2006
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Emaar the Economic City (EEC), a consortium headed by Emaar Properties PJSC and a number of high profile investors from Saudi Arabia, today announced that the Capital Market Authority (CMA) of Saudi Arabia has approved its initial public offering (IPO) of SR 2.55 billion (US$679.9 million). The company also announced that it had received approval from the Ministry of Commerce & Industry (Ministerial Resolution No. 609 dated May 13, 2006) for its incorporation.

The share capital of EEC is SR 8,500 million (US$2.27 billion) consisting of 850 million shares with a nominal value of SR 10 (US$2.66) each. EEC will be offering 30% of this equity 255 million shares through the IPO at a nominal ...

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