Jabal Omar Development Co. 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 6/2/1443H (corresponding to 13/9/2021G) in relation to the submission of a non-binding offer to the manager of Alinma Makkah Real Estate Fund (the “Fund”) on behalf of the Fund for the full settlement of the Fund’s assets and liabilities (the “Offer”) in exchange for the issuance of new shares in the Company to the Fund unitholders (the “Transaction”), and whereby the Offer included a specific period of sixty (60) calendar days from the date of the Offer submission for the Fund manager to consider the Offer unless extended by the Company (the “Offer Period”); and given that discussions between the Company and the Fund manager are still ongoing in order to reach an agreement in respect of the Transaction and enter into a binding agreement thereof, the Company announces that it has extended the Offer Period until the end of the current Gregorian year.
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.
Jabal Omar Development Company announces the submission of a non-binding offer to the manager of the Alinma Makkah Real Estate Fund relating to the full settlement of the rights and obligations in respect of the Fund’s assets
Date of Previous Announcement on Tadawul’s Website
2021-09-13 Corresponding to 1443-02-06
Percentage of fulfilled achievement
Event’s Expected Completion Date
Reaching an agreement in respect of the Transaction is expected to be completed before the end of the current calendar year
Reasons for Exceeding the Announced End Date
The costs associated with the event, and if they have changed or not with an indication of the reasons.
Impact of the Delay on the Company’s Financial Results