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Saudi Jabal Omar Development issues 225.1M shares to settle SAR 5.3B debt

Saudi Jabal Omar Development issues 225.1M shares to settle SAR 5.3B debt

Arab Finance: Saudi real estate development giant Jabal Omar Development Company (JODC) announced that its extraordinary general meeting (EGM) approved issuing around 225.134 million ordinary shares to investors in the Alinma Makkah Real Estate Fund to extinguish SAR 5.3 billion debt owed by the company, according to a press release on August 28th.

Based on the deal, JODC will restore ownership of three hotels and two commercial centers in the first phase of the Jabal Omar project.

The finalization of the deal is pending the satisfaction of the conditions mentioned in the transaction agreement.

"We look forward to welcoming our new shareholders and want to reaffirm the company’s determination to deliver sustainable value by executing on its comprehensive transformation strategy, enabling JODC to capture attractive opportunities in the Kingdom’s booming Hajj and Umrah and tourism sectors,” Chairman of JODC Saeed Al Ghamdi commented.

It is worth highlighting that JODC reported revenue of SAR 391 million in the first six months of 2022.

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