Jabal Omar, Umm Al Qura extend merger MoU for six months

Jabal Omar Development Co. has extended its memorandum of understanding (MoU) exploring a potential merger with Umm Al Qura Development and Construction for another six months until Sept. 26, the company said in a statement to Tadawul.

The agreement has several related parties including Jabal Omar board members Anas bin Mohammad Saleh Saerafi and Muhei Addein Saleh Kamel, in addition to the Public Pension Agency, the General Organization for Social Insurance, and the General Authority for Awqaf.

Jabal Omar signed the MoU with Umm Al Qura in September last year.

Two months later, the developer hired Goldman Sachs Saudi Arabia as financial advisor for the planned merger.

Earlier this month, the company said it expects to finalize the deal in 2018.