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| 'Emaar the Economic City' received approval from the CMA Emaar the Economic City (EEC), a consortium headed by Emaar Properties PJSC and a number of high profile investors from Saudi Arabia, 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 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 face value of SR 10 each thereby raising a total of SR 2.55 billion. The IPO will open for subscription for 10 days from July 22, 2006 to August 2, 2006. The share allotment has been decided at a minimum of 50 shares of SR 10 each and a maximum of 25,000 shares of SR 10 each. The IPO will facilitate financing of the King Abdullah Economic City (KAEC), to be built at a pristine location off the Red Sea in the north of Jeddah with an investment of SR 100 billion (US$26.6 billion). KAEC, which will be a New Age City being built today for tomorrow's generation of Saudi citizens, was officially launched on December 20, 2005. write your comments about the article :: © 2006 Construction News :: home page |