Jabal Omar Development Co. received, on July 6, the approval of the Capital Market Authority (CMA) to increase capital through converting all debts owed by the company to Alinma Makkah Real Estate Fund into new ordinary shares.

 

The company will complete the procedures required for holding an extraordinary general assembly meeting (EGM) in coordination with the relevant authorities, and will announce that at a later time, Jabal Omar said in a statement to Tadawul.

 

The shareholders’ circular will be published ahead of the EGM date.

 

The developer will announce any further material developments in a timely manner as required by the relevant laws and regulations, the statement concluded.

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