Commerce Ministry approves Binyah capital hike to SAR 300M: Al Akaria

Saudi Real Estate Co. (Al Akaria) stated that its 60%-owned subsidiary Saudi Arabia Real Estate Infrastructure & Construction Co. (Binyah) obtained on Dec. 30 the Ministry of Commerce approval to increase capital from SAR 50 million to SAR 300 million.

In a Tadawul statement, the company said the capital hike will be carried out through capitalizing SAR 250 million from retained earnings.

The post-increase capital will be divided into 300 million shares at an equal nominal value of SAR 1 each, all of which are fully paid ordinary cash shares.

Binyah, of which Al Akaria owns 60%, is a national company specialized in implementing infrastructure development works.

The company specializes in road supplies, as well as the construction of roads, streets, sidewalks, bridges and tunnels. In addition, it lays oil and gas pipelines, and builds water distribution stations and main lines, in addition to sewage stations, networks and pumps. Binyah also specializes in port docks and marine construction, as well as the demolition and removing of buildings and others. Furthermore, the company undertakes all site works, including cutting, filling, demolition, and compaction, as well as networks extensions.