Jabal Omar buys out Makkah Construction’s stake for SAR 360 mln

Jabal Omar Development Co. has decided to acquire Makkah Construction and Development Co.’s remaining 35.96 million shares in the developer for SAR 359.56 million.

Makkah’s stake was held on on behalf of property owners who failed to fulfill required regulatory procedures, Jabal Omar said in a statement to Tadawul.

Jabal Omar’s board of directors has been authorized to determine the payment method later on.

Makkah Construction currently owns a share in kind of 11 percent in Jabal Omar.

Elsewhere, Jabal Omar shareholders in their extraordinary general assembly meeting approved the renewal of a short-term loan worth SAR 842 million with Bank Albilad for one year.

The real estate developer will also renew its contract with Albilad Capital after selling 55 residential units from its Makkah mega project for SAR 980 million to the brokerage firm last September. The company’s board chairman Abdul Aziz Al Subeaei was a related party in the sale transaction, Jabal Omar added.