Jabal Omar submits request for capital hike via debt conversion to CMA

Logo of Jabal Omar Development Co.

Jabal Omar Development Co. submitted today, April 3, an application to increase its capital through debt conversion to the Capital Market Authority (CMA) for approval.

It will announce any fundamental developments in this regard in due course, as per the relevant laws and regulations, according to a Tadawul filing.

In December 2023, Jabal Omar signed debt settlement agreements with Central District Cooling Co. (CDDC) and Makkah Construction and Development Co. to convert debt into new shares through a proposed capital increase, according to data compiled by Argaam.

Its board of directors had recommended earlier increasing capital by converting SAR 547.5 million worth of debt into new shares for creditors. This is to improve Jabal Omar’s liquidity and financial indicators as well as support meeting its growth goals.