RIYADH: Saudi Real Estate Co.’s rights issue saw 94 percent subscription, generating SR1.5 billion ($400 million). Better known as Al Akaria, the developer offered 135 million shares, out of which 127 million shares were subscribed, according to a bourse filing. This comes as part of the company"s plan to hike the capital from SR2.4 billion to SR3.75 billion. Proceeds from the offering will be used to finance the company’s future projects as well as expand its various activities.