ALARGAN announces capital increase of 367%

15/12/2009 00:00 AST

announced, in a press release this week, the capital increase of ALARGAN Projects (formerly known as ALARGAN Homes), in which ALARGAN International owns 48.34 percent. ALARGAN Projects recently increased its capital from 90 million to 330 million Saudi riyals, equivalent to 367 percent and is to be executed over two phases. ALARGAN International Real Estate Company contributed to the first phase of the capital increase of 90 million to 210 million riyals. The second phase of the increase will be from 210 million to 330 million riyals.

Vice-Chairman of the Board of Directors of ALARGAN Projects and the Chairman and Managing Director of ALARGAN International Real Estate Company, Khaled Al-Mashaan stated, "The capital increase at this current stage is in line with the companys strategy and the markets need for middle-income residential housing units which cater to the demand-drivers and demographics of the Saudi Arabian market." The Board of Directors also discussed a number of topics related to the Companys current and future investments.

ALARGAN Homes has several projects in various regions in the Kingdom of Saudi Arabia worth approximately 1.4 billion riyals and extending over 5,000,000 square meters. Located northeast of the capital city, Manazel Qurtoba is one of the largest residential projects in Al-Riyadh. Manazel Qurtoba is a residential development comprising of a mixture of villas, apartments and duplexes and includes a commercial component.

Al Watan