JODC announces on the latest developments on the signing of a MOU with Albilad Capital to sell units in phase 2 of the project in Makkah.

Reference to the declaration of Jabal Omar Development Company (JODC), published on the Capital Market Authority (CMA) website on 1/8/1438, – 27/4/2017.

On Wednesday, 30/8/2017 – 8/12/1438, JODC would like to declare that the extension of the signed MoU with Albilad Capital (The investment banking arm for Bank Albilad, licensed by the CMA) in 1/8/1438, – 27/4/2017.

The MoU is for Albilad Capital to establish a real estate fund to sell 93 residential apartments in phase two of Jabal Omar project. It was agreed to extend the MoU for a 5 months, until in 22/1/2018 under the same terms and conditions to complete the legal and financial due diligence and obtain CMA approval.

All acquisition procedures is expected to be completed during the current financial year. The financial impact will be positive on the company’s revenues and shareholders’ equity.
Knowing that there are related parties, as follows:
1. Chairman Mr. Abdulaziz Mohammed Al Subeaei.
2. Member of the Board of Directors Eng. Anas Mohamed Serafi.

The corporate governance standards has been applied with respect to this deal, the matter will be presented before the company’s next General Assembly for approval.