Emaar EC’s PDC to increase capital by SR5.21bn | Emaar EC’s PDC to increase capital by SR5.21bn -
King Abdullah Economic City

Emaar EC’s PDC to increase capital by SR5.21bn

: Monday, July 07 - 2014 @ 04:01

Shareholders of Saudi-based Port Development Co, a subsidiary of Emaar Economic City, have approved a plan to increase its capital to SR5.21bn ($1.39bn) to help finance the expansion of the kingdom’s first privately-owned port, Reuters has reported. The move brings Emaar Economic City’s current holding of the company to SR2.6bn, or a 50% stake, the company said. The increase in capital is to strengthen the financials of the port company and facilitate funding ahead of the planned second phase of work on King Abdullah Economic City port which includes upping capacity, it added,

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Monday, July 7- 2014 @ 4:01 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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