Jabal Omar Development Co. on Aug. 30 renewed a memorandum of understanding (MoU) with Albilad Capital to sell 93 residential units in Jabal Omar phase 2 through a real estate investment fund (REIT).
The MoU was renewed for five months until Jan. 22, 2018, without any change in the terms and conditions. The renewal will enable it to complete the due diligence and obtain all the required regulatory approvals for the deal, Jabal Omar said in a statement to Tadawul on Wednesday.
The regulatory requirements are likely to be completed by the end of this year.
The company anticipates a positive financial impact in its revenues and the shareholders’ equity from this deal, the statement said.
Jabal Omar’s chairman of the Board Abdulaziz Subaie and board member Anas bin Mohammad Saleh Saerafi are related parties, and rules of governance have already been applied to the process. The next general assembly will review this issue, the statement added.
The MoU was signed in April and was valid for four months, Argaam previously reported.
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