Jabal Omar shareholders refuse to increase audit committee to 4 seats

Logo of Jabal Omar Development Co.

Jabal Omar Development Co.’s shareholders disapproved increasing the number of the audit committee seats from three to four, by appointing Alma S. Almoter, a member from outside the board, as a member in the audit committee.

During the extraordinary general meeting (EGM) held on June 29, shareholders approved the business and contracts concluded with the Saudi British Bank (SABB) and the Saudi National Bank (SNB), in which Chairman Saeed Alghamdi has an indirect interest as he is the managing director of SNB.

The transaction represents restructuring the terms of Islamic financing, where the total value of the financing after restructuring is SAR 5.9 billion. The duration is nine years from the signing of the restructuring agreement in October 2021, with an option to extend for an additional three years according to specific conditions.

There are no preferential conditions, the company noted.

The total value of the financing after restructuring was SAR 4.7 billion with a financing term of 12 years from the signing of the agreement in May 2015.

Meanwhile, the shareholders ratified the business and contracts concluded with the Ministry of Finance, in which board member Thalib Ali Alshamrani has an indirect interest.

The nature of the transaction is conversion of SAR 1.5 billion of the total outstanding loan amount into a new Shariah-compliant subordinated perpetual instrument, in accordance with the terms agreed, and extending the maturity of the remaining SAR 1.5 billion until March 31, 2031, with no preferential conditions.