Riyadh – Mubasher: Asas Makeen Real Estate Development and Investment Company announced that its shareholders ratified increasing the capital by 200% through two bonus shares for every one owned share, according to a bourse disclosure.
During the extraordinary general meeting (EGM) held on 21 May 2026, the shareholders approved the board’s recommendation to raise the company’s capital from SAR 100 million to SAR 300 million.
This expansion will be executed through the issuance of bonus shares, which will increase the number of outstanding consequently from 10 million to 30 million shares.
To facilitate this increase, Asas Makeen will capitalize SAR 200 million from its retained earnings. Management stated that the move is designed to support the company’s strategic growth, strengthen its financial position, and enable further expansion in real estate development activities, ultimately aiming to maximize shareholder returns.
Eligibility for the bonus shares is granted to shareholders registered in the company’s records at the Securities Depository Center by the end of the second trading day following the date of the EGM.
In addition to the capital restructuring, the assembly approved the financial results for the 2025 fiscal year. This included the Board of Directors' report, the auditor’s report, and the annual financial statements.
Shareholders also approved the appointment of PKF Al Bassam and Co. as the company’s auditor for the 2026 fiscal year. The firm will be responsible for reviewing and auditing the semi-annual and annual financial statements for a total fee of SAR 475,000, excluding VAT.
The meeting also addressed several significant related-party transactions and contracts. Shareholders approved two major construction and contracting agreements with Tasheed Hayat Contracting Company. The first contract is valued at SAR 300 million with an 18-month duration, while the second is valued at SAR 55.5 million for a 12-month term. Chairman Abdulrahman bin Saud Al Hadlaq and Vice Chairman Anas bin Saud Al Hadlaq were identified as having indirect interests in these deals. The company emphasized that these transactions were conducted within the normal course of business under prevailing commercial terms without preferential advantages.
Further approvals were granted for various other contracts, including a five-year residential building lease with Shajrat Al Ghar for Hotel Services valued at SAR 35 million, and marketing and leasing agreements with Watheeq Marketing.
The assembly also authorized the transfer of the company’s general reserve, totaling SAR 14.07 million into the retained earnings account.
In addition, the shareholders granted approval for several board members, including the Chairman and Vice Chairman, to engage in businesses that compete with the company’s activities.
The Board of Directors was also authorized with the powers of the Ordinary General Assembly for a period of one year, in accordance with the Companies Law. These collective decisions reflect a comprehensive effort by Asas Makeen to consolidate its financial resources and streamline its governance as it enters its next phase of operational expansion.
