Jabal Omar to vote on statutory reserve transfer to retained earnings on May 20

Logo of Jabal Omar Development Co.

Jabal Omar Development Co.’s shareholders will vote on transferring the statutory reserve of SAR 108.51 million, as shown in the initial financial statements for the FY period ended on Dec. 31, 2024, to retained earnings during the extraordinary general meeting (EGM) to be held on May 20.

In a Tadawul statement, the company said that the EGM will also include voting on paying SAR 492,000 in additional fees to KPMG for services beyond the agreed scope, covering audit work for the Jumeirah and Address hotels from Q2 2023 to Q1 2025.

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Shareholders will also vote to discharge board members from liability and appoint an external auditor, from candidates recommended by the audit committee, to audit Q2, Q3, and FY2025 results, as well as Q1 2026 through Q1 2027, and to set the auditor's fees.