Logo of Jabal Omar Development Co.

Jabal Omar Development Co. submitted today, April 28, an application to the Capital Market Authority (CMA) to increase its capital through debt conversion, according to a bourse filing.

 

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 of 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.

 

The company will announce any further developments in due course, the statement added.

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Jabal Omar board proposes capital increase to SAR 11.55 bln via debt conversion

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