Jabal Omar lists shares issued for Alinma Makkah Fund unitholders

Logo of Jabal Omar Development Co.

Jabal Omar Development Co.’s (JODC) announced today, Sept. 1, listing the new shares issued to unitholders of Alinma Makkah Real Estate Fund, according to a bourse filing.

Upon listing the new shares, the debt conversion deal between Jabal Omar and the fund is complete.

Jabal Omar would in due course announce depositing proceeds from the share fraction sale in the bank accounts of the unitholders, as indicated in the relevant circular.

The Securities Depository Center Co. (Edaa) announced implementing securities quantity increase for Jabal Omar into the accounts of eligible shareholders today.

Last week, Jabal Omar shareholders approved the board’s recommendation to increase capital by 24.22% from SAR 9.29 billion to SAR 11.55 billion through converting SAR 5.30 billion of debt owed by the company to Alinma Makkah Real Estate Fund, according to Argaam.