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INVESTOR RELATIONS

Correction announcement from Jabal Omar Development Co. in regard to the consolidated financial results for the year ending on 12-31-2021

Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul’s Website
2022-04-03 Corresponding to 1443-09-02

URL of the Previous Announcement
Click Here

Incorrect statements in the previous announcement
1) We draw attention to note 1 of the consolidated financial statements, which describes that AlInma Makkah Real Estate Fund’s (“Fund”) balances and transactions as at and for the years ended 31 December 2021 and 2020 have been consolidated based on management’s assessment of a binding and non-revokable agreement, executed between the Company and the Fund manager pursuant to the approval of the transaction by the Fund’s unit holders on 9 January 2022 which are further subject to formal approvals. Our opinion is not modified in respect of this matter.
2) We draw attention to note 15 (a) of the consolidated financial statements, which describes that during the year ended 31 December 2021, the Group announced the restructuring of loan facility from the Ministry of Finance (“MoF”) which involves significant modifications of loan terms and conversion of certain portion of the existing loan into a subordinated perpetual instrument. Pursuant to receipt of binding term sheets from MoF, confirmation from the facility agent and approval of Board of Directors (BoD) of acceptance of term sheets, the Group derecognized the existing facility and recognized new facilities resulting in recognition of a gain amounting to SR 1.4 billion. The Group management is in the process of finalizing the signing the facilities agreement as at reporting date. Our opinion is not modified in respect of this matter.

Correct Statement
The external auditor has removed the above-mentioned emphasis of matter from the Independent Auditors’ Report.

Additional Information
The external auditor has removed the above-mentioned emphasis of matter from the Independent Auditors’ Report. Accordingly, the company has announced this correction announcement

Other Disclosures

Correction announcement from Jabal Omar Development Company regarding the fractional shares resulting from the capital increase of the Company by way of debt conversion

Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul’s Website 2022-09-05 Corresponding to 1444-02-09 Hyperlink to the Previous Announcement Click Here Incorrect statements in the previous announcement There are no fractional shares resulting from the capital increase of the Company. Correct Statement There are fractional shares resulting from the capital increase of […]

Jabal Omar Development Company announces that there are no fractional shares resulting from the capital increase of the Company by way of debt conversion

Announcement Detail With reference to the announcement of Jabal Omar Development Company (the “Company”) on the Saudi Stock Exchange’s (Tadawul) website on 05/02/1444H (corresponding to 01/09/2022G) in relation to the completion of the Transaction and the listing of the New Shares that have been issued with respect to the Transaction to the eligible unitholders of […]

Jabal Omar Development Company Announces the Listing of the Consideration Shares and the Completion of the Transaction

Announcement Detail In reference to the announcement made by Jabal Omar Development Company (the “Company”) on the Saudi Stock Exchange (Tadawul) website on 01/02/1444H (corresponding to 28/08/2022G) in relation to the results of the extraordinary general assembly meeting that included the approval to increase the share capital of the Company in order to settle all […]

Jabal Omar Development Co. Announces Resignation and Appointment of a Board Member

Introduction Jabal Omar Development Company announces that the Board approved the resignation of Dr. Abdulraouf M. Mannaa, and the appointment of Mr. Saleh Abdullah Alzumai as a member of the Board of Directors. On this occasion, the board extends its sincere thanks to DR. Abdulraouf Mannaa for his efforts during his term of membership in […]
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