Khaled Al Amoudi, CEO of Jabal Omar Development Co.
Khaled Al Amoudi, CEO of Jabal Omar Development Co. (JODC), said the company's liabilities and debts will decline significantly on Alinma Makkah Real Estate Fund’s deal.
In a statement, Al Amoudi added that liquidity will further improve, due to the release of cash flows worth about SAR 540 million, indicating that this amount will be optimally utilized to serve the best interest of the company.
The top executive said that the deal gains great momentum as it is the most significant initiative in the company's capital structure improvement program, noting that this decision puts the company on the right track towards broader horizons of sustainable growth in the future.
Jabal Omar’s shareholders approved the board’s recommendation to increase capital by 24.22% from SAR 9.29 billion to SAR 11.55 billion, during the extraordinary general meeting (EGM) held on Aug. 25. This will be done through converting SAR 5.30 billion of debt owed by the company to Alinma Makkah Fund, according to data available with Argaam.
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