On Thursday, August 25, the Extraordinary General Assembly of Jabal Omar Development Company approved the recommendation of the company’s board of directors to increase its capital from 9.29 billion riyals to 11.55 billion riyals, by transferring the debts owed by the company to the Alinma Makkah Real Estate Fund, amounting to 5.30 billion riyals.
According to Arabiya Net, the company said in a statement that the general assembly approved the recommendation of the company’s board of directors to increase its capital from 9.29 billion riyals to 11.54 billion riyals and increase the number of shares from 929.4 million shares to 1.15 billion shares, which represents an increase of 24.22% in the current capital. The company for the purpose of transferring all the debts owed by it to the Alinma Makkah Real Estate Fund (in its capacity as the creditor) by issuing (0.442) new ordinary shares in the company to the owners of the units of the fund for each unit they own in the fund.
And the general assembly approved the proposed amendments to the company’s articles of association related to the transaction, authorizing the company’s board of directors, or any person authorized by the board of directors, to issue any decision or take any action that may be necessary to implement any of the relevant decisions.
And the appointment of Mazen Fawaz Baghdadi - an independent member - to the board of directors in the new position was approved, starting from the date of approval of the General Assembly until the end of the current session on June 29, 2024 AD, and this appointment is considered as part of the conditions for concluding the deal.
