MCI Real Estate Committee Approves Disbursing the Total Value of Jawharat Al-Sharq for Subscribers, with Initial Profits of 65%

04 Feb 2013
MCI Real Estate Committee approved, in a meeting held this morning, to disburse the whole value of Jawharat Al-Sharq Scheme Plot, for subscribers, at a total sum of SR 768 million and an initial profit of 65 per cent, based on shares sold to them worth SR 463 million.
‏ The Committee pointed out that it has appeared, following reviewing the scheme and the related chartered accountant's report, that the owner of the scheme has sold more shares than the previously licensed or allowed, as MCI licensed him a total value of SR 432 million, while he sold shares worth SR 463, in addition to a sum pinpointed to the completion of developing.
Henceforth, the committee confirms that it will continue to demand the owner of the scheme to repay the over-subscribed shares as well as the residue sum earmarked for developing, and vow to transfer the money to the subscribers, following the recovery.
The committee announced, too, that it will begin transferring accrued money to the subscribers accounts, beginning of Monday, the 1st of Rabie II AH, and, therefore, it requests all subscribers, who are yet to register their names or up-date their data, to hand over their documents, as fast as possible, to any branch of Al-Bilad Bank, across the Kingdom.  
Last Modified 25 Dec 2018