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INVESTOR RELATIONS

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 Omar Development Company and Aqarat Development Company
Transaction Funding Method
Not Applicable
Transaction Execution Date
2021-09-29 Corresponding to 1443-02-22
Description of the Business of the Asset forming the Subject Matter of the Transaction Parcel of land
Asset Book Value
SR 110, 835, 057 Including development value
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction
Not Applicable
Transaction reasons
Execute the company’s plans to restructure its financial obligations and complete the construction work of the outstanding phases
Expected Impact of the Transaction on the Company and Its Operations
The deal is expected to have a positive impact on the company’s financial results after the completion of the process of land deed’s transfer
Details of Using The Proceeds of the Asset Sale
The sale proceeds will be used to complete the construction work of the outstanding phases of project and to repay part of the syndicated loan
Related Parties
No related parties
Additional Information
It is worth noting that the company is working on a number of initiatives aimed at improving the capital structure by restricting and reducing existing financial obligations, in addition to accelerating the completion of the remaining construction works in the phases under development, which is expected to contribute to improving the company’s cash flow

Other Disclosures

Jabal Omar development company announces the submission of the application of the increase of the company’s capital through debt conversion to the capital market authority

Introduction Further to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Exchange website on 2091443 (corresponding to 2142022G) in relation to the recommendation of its Board of Directors to increase its capital through debt conversion, the Company announces that it has submitted an application to increase its capital to […]

Jabal Omar development company announces the appointment of a financial advisor to manage the application for the company’s capital increase through debt conversion

Introduction Further to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Exchange website on 06/02/1443H (corresponding to 13/09/2021G) that contains the appointment of SNB Capital as the Company’s financial advisor in relation to the Transaction, the Company announces that SNB Capital will manage the Company’s application to increase its […]

Jabal Omar development company announces the board’s recommendation to increase capital through debt conversion

Introduction Further to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Exchange website on 02/09/1443H (corresponding to 03/04/2022G) in relation to the execution of a legally binding transaction agreement with the manager of Alinma Makkah Real Estate Fund (the “Fund”) to implement the Transaction on 01/09/1443H (corresponding to 02/04/2022G), […]

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 […]
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