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Jabal Omar Development Company announces the board’s recommendation to increase its share capital through debt conversion

Introduction
Further to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Stock Exchange (Tadawul) website on 7-6-1445 corresponding 20-12-2023 in relation to the execution of the debt settlement agreements with Central District Cooling Company and Makkah Construction and Development Company (the “Creditors”), the Company announces that its Board of Directors has recommended the increase of the Company’s capital by way of debt conversion into new ordinary shares in the Company to the Creditors.

Date of Board Meeting
2023-12-20 Corresponding to 1445-06-07

The total amount of debts that the company intends to convert
Five hundred forty-seven million and four hundred ninety-eight thousand and two hundred nine Saudi Riyals (SAR 547,498,209).

Reasons for the Capital Increase
The objective of the debt conversion is to settle the outstanding debt owed to the Creditors, which as a result will improve the Company’s liquidity, financial indicators, and enhance its ability to achieve its growth objectives.

Approvals
The approval to increase the Company’s capital by way of debt conversion from the competent authorities and any other third parties for which their approvals are necessary to implement the proposed transaction and the approval of Company’s extraordinary general assembly on the proposed transaction.

Appointment of a Financial Advisor and the Submission of the Application File for Capital Increase through Debt Conversion to CMA
The Company has appointed ANB Capital as a financial advisor to manage the Company’s capital increase (by way of debt conversion) application; and shall announce the submission of the application to the Capital Market Authority for approval in due course.

Other Disclosures

Jabal Omar Development Company Announces the Submission of the Application for the Increase of the Company’s Share Capital by Way of Debt Conversion to the Capital Market Authority

Introduction Further to the announcement of Jabal Omar Development Company (the “Company”) published on the website of the Saudi Stock Exchange (Tadawul) on 07/06/1445H corresponding to 20/12/2023G in relation to the recommendation of the Company’s board to increase its share capital by way of converting the outstanding debts owed to each of Central District Cooling […]

Correction announcement from Jabal Omar Co. in regard to its Annual consolidated financial results for the period ending on 2023-12-31.

ELEMENT LISTExplanation Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website - Hyperlink to the Previous Announcement Click Here Incorrect statements in the previous announcement Net profit (Loss) for the year ended 31 December 2023, reported as SAR 35.82 Correct Statement Net profit (Loss) for the year ended 31 December […]

Jabal Omar Development Co. announces its Annual consolidated financial results for the period ending on 2023-12-31

Element ListCurrent YearPrevious Year%Change Sales/Revenue1,326.72849.556.18 Gross Profit (Loss)401.0529.471,261.01 Operational Profit (Loss)623.44-175.66- Net Profit (Loss)35.82-352.43- Total Comprehensive Income35.82-352.43- Total Share Holders Equity (after Deducting Minority Equity)12,721.2612,685.150.28 Profit (Loss) per Share0.03-0.35- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTAmountPercentage Of The Capital (%) Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value -- […]

Jabal Omar Development Company announces the opening of nominations for membership in the company’s Board of Directors for its sixth session

Introduction Jabal Omar Development Company announces the opening of nominations for membership in the company’s Board of Directors for the next session, which begins on June 30, 2024, and for a period of four years ending on June 29, 2028. For individuals interested in nomination for the Board of Directors provided they meet the membership […]
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