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Jabal Omar Development Company announces restructuring of the Islamic term financing provided by SABB and SNB

Introduction
Jabal Omar Development Company announces signing an agreement to restructure the Islamic term financing (the “Facility”) provided by SABB and SAMBA (SNB currently) under certain financing the agreements originally entered into on May 2015. Key terms of the restructuring included the following:
• Reinstating SR 1.2 billion of available limit to be drawn

• Extending the facility’s final maturity by 3 years from the date of maturity of the original financing; with an option to extend by a further 3 years, subject to certain pre-agreed conditions

• Sculpted amortization schedule based on the underlying projects’ cash flows with sufficient headroom

• Scheduled repayments will initiate after a grace period of 3 years

• Scope for step-down in profit rate based on achieved progress on Phases 2 and 4 of the Project and deleveraging of the facility

Date of singing the rescheduling of finance
2021-10-04 Corresponding to 1443-02-27
Financing entity
SABB and SNB
Reasons for rescheduling
Arrange required funding to complete Phases 2 & 4 of Jabal Omar Project and improve the commercial terms of the facility to be aligned with the company’s cash flows and capital structure.
The Financing amount and rescheduled part
• Total financing limit before restructuring was SR 4.7 billion
• Total financing limit after restructuring is SR 5.9 billion

Financing Duration, before and after Rescheduling
• The tenor of the original facility was 12 years from the date of signing the agreement on May 2015.
• The tenor of the restructured facility is 9 years from the date of signing the agreement to restructure the facility on October 2021; with an option to extend by a further 3 years subject to certain pre-agreed conditions.

Guarantees offered for the rescheduled Financing
No guarantees or additional security offered as part of this process.
Related Parties
It is worth noting that this transaction involves a related party; as the Chairman of the Board, Mr. Saeed Alghamdi, is the ED and CEO of the Saudi National Bank. The company will present this contract to the general assembly to obtain its approval.
Additional Information
This restructuring forms part of the company’s turnaround plan to improve its capital structure, decrease its financial obligations and accelerate the completion of the project’s phases.

Other Disclosures

Jabal Omar Development Company (“JODC”, the “Company”) received the approval of the Ministry of Finance (“MoF”) to restructure its SAR 3.0bn loan

Introduction JODC makes reference to its announcement on Tadawul dated 13 December 2011 regarding the receipt of a SAR 3.0bn loan from MoF (the “Existing Loan”), and further to its announcement dated 29 March 2020 regarding MoF’s approval for extending the maturity of the Existing Loan and providing support to restructure the Company’s remaining loans. […]

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

Introduction 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 […]

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE Sales/Revenue43.121.932,134.19677.29-44.21 Gross Profit (Loss)-64.86-67.16-3.424-46.7538.737 Operational Profit (Loss)-57.99-208.5-72.187-227.41-74.499 Net Profit (Loss) after Zakat and Tax-270.04-236.9513.964270.57- Total Comprehensive Income-270.04-236.9513.964270.57- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE Sales/Revenue141.98144.96-2.055 Gross Profit (Loss)-200.06-248.11-19.366 Operational Profit (Loss)-422.96-460.13-8.078 Net Profit (Loss) after Zakat and Tax […]

Jabal Omar Development Company announces selling a land plot in its project located in Makkah

Transaction Details On 29 September 2021, Jabal Omar Development Company sell a land plot with a total area of 2,600 sqm located within its project in Makkah Transaction Value SR 517,463,680 in addition to the buyer bearing the real estate transaction tax and brokerage fees Transaction Terms No transaction terms Parties of the Transaction Jabal […]
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