Logo of Jabal Omar Development Co.
The Capital Market Authority (CMA) approved the request received from Jabal Omar Development Co. to increase capital through converting SAR 5.301 billion in debt, according to a statement today, July 6.
This approval is conditional on the company’s extraordinary general assembly (EGM) approval and completion of the necessary procedures in relation to the applicable regulations, CMA added.
A shareholders' circular will be published, clarifying reasons for the capital increase and its objectives, within sufficient time prior to the EGM that will be called for later.
On April 20, Jabal Omar’s board of directors recommended a capital increase from SAR 9.29 billion to SAR 11.55 billion by issuing 225.13 million shares, Argaam earlier reported.
Capital will be increased by converting SAR 5.30 billion in debt owed to Alinma Makkah Real Estate Fund, as per the unaudited consolidated financial statements for the three- and nine-month periods ended on Sept. 30, 2021.
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