Jabal Omar Development Company Announces Recent Development Relating To The Non-Binding Offer Submitted To The Manager Of Alinma Makkah Real Estate Fund Relating To The Full Settlement Of The Rights And Obligations Of The Fund’s Assets
Further to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Exchange website on 07/06/1443H (corresponding to 10/01/2022G) in relation to the recent development relating to the non-binding offer submitted to the manager of Alinma Makkah Real Estate Fund (the “Fund”) regarding the full settlement of the rights and obligations of the Fund’s assets in exchange for new shares to be issued to the Fund’s unitholders in the Company (the “Transaction”) (hereinafter referred to as the “Company’s Announcement”), and the announcement made by the Fund manager on the Saudi Exchange website on 07/07/1443H (corresponding to 07/02/2022G) on obtaining the approval of the Capital Market Authority (CMA) on the fundamental changes to the Fund terms and conditions to enable the Fund manager to accept the offer on behalf of the Fund (hereinafter referred to as the “Fund Manager’s Announcement”), and whereas the Fund Manager’s Announcement stated that the fundamental changes will take effect on 20/07/1443H (corresponding to 21/02/2022G), and whereas the Company’s Announcement stated that the binding agreement in respect of the transaction is expected to be executed on or before the 10th of February 2022G, the Company announces that it has submitted a notification to the Fund manager to extend the period during which the binding agreement in respect of the transaction should be executed so that the agreement can be signed once the fundamental changes to the Fund terms and conditions take effect.
The Company will announce any further material developments in relation to the Transaction in a timely manner as required by the relevant laws and regulations.
Recent development relating to the non-binding offer submitted to the manager of Alinma Makkah Real Estate Fund relating to the full settlement of the rights and obligations of the fund’s assets.
Date of Previous Announcement on Tadawul’s Website
2022-01-10 Corresponding to 1443-06-07
Percentage of fulfilled achievement
Event’s Expected Completion Date
Reasons for Exceeding the Announced End Date
The costs associated with the event, and if they have changed or not with indication of the reasons
Impact of the Delay on the Company’s Financial Results