JODC likely to see impact of debt conversion to Alinma Fund by Q3 2022

29/08/2022 Argaam

 

Jabal Omar Development Co. (JODC) will likely see the financial impact of the capital increase by Q3 2022, Asharq News reported, citing Chief Executive Officer (CEO) Khalid Al-Amoudi.

 

The capital increase, which will take place via issuing new shares to Alinma Makkah Real Estate Fund unitholders, will reflect positively on the company’s financial position and will help to deleverage.  

 

Jabal Omar is on the right track with a strong presence, he said, indicating the company will generate profit by the third quarter from reversing the rents owed to the fund.   

 

JODC shareholders approved, on Aug. 25, 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. 

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