Riyadh – Mubasher: First Avenue for Real Estate Development Company will hold its extraordinary general meeting (EGM) on 15 June 2025 to review the proposed 46.34% increase of the company’s capital.
According to official records, First Avenue currently maintains a paid-up capital of SAR 205 million and it plans the capital expansion by SAR 95 million to reach SAR 300 million.
The number of shares prior to the raise transaction stands at 205 million shares, while it will reach SAR 300 million after the capital hike which aims to endorse the company’s financial position.
First Avenue plans to capitalize the increase amount through the issuance of 95 million bonus shares that will be distributed as 9 free shares for every 20 existing shares in addition to 2.75 million new treasury shares.
It is worth noting that in late 2025, the listed property developer acquired the Capital Avenue – Al Qirawan tower in Riyadh at a cost of approximately SAR 310 million.
