Jabal Omar plans capital hike via SAR 547.5M debt conversion

20/12/2023 Argaam

Jabal Omar plans capital hike via SAR 547.5M debt conversion

Logo of Jabal Omar

Jabal Omar Development Co.' s board of directors recommended increasing capital through converting SAR 547.5 million worth of debt into new shares for creditors.

 

In a Tadawul statement, the company said it aims to improve liquidity and financial health by settling debts.

 

Regulatory, third-party approvals, and extraordinary general assembly consent are required for the capital increase through debt conversion.

 

ANB Capital was appointed as financial advisor for the capital increase process, with plans to announce the request submission to the Capital Market Authority (CMA).

 

Jabal Omar signed debt settlement agreements with Central District Cooling Co. (CDDC) and Makkah Construction and Development Co. (MCDC) to convert debt into new shares through a proposed capital increase, according to data compiled by Argaam.

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