Logo of Jabal Omar Development Co.
Jabal Omar Development Co.'s shareholders approved increasing capital through converting SAR 547.5 million worth of debt into new shares for Central District Cooling Co. and Makkah Construction and Development Co., during an extraordinary general meeting (EGM), held on Nov. 4, according to a statement to Tadawul.
The share issuance price will be determined based on the closing price of the trading day preceding the EGM date related to the transaction. This is in accordance with the terms and conditions (T&Cs) outlined in the settlement agreements with each of the creditors.
The move aims to reduce Jabal Omar’s financing burdens, improve its liquidity ratios and credit status, and boost its capacity to achieve its growth goals.
The company indicated that the debt conversion will be in accordance with the details specified in the shareholders' circular, which includes approval of several matters related to the transaction.
These include T&Cs of the settlement agreements with both the first and second creditors, as well as amendments to Articles (6) and (7) of the company's Articles of Association pertain to the company’s capital and subscription to shares, respectively.
Moreover, shareholders will approve the authorization of the company's board, or any person delegated by the board, to issue any decisions or take any necessary actions to implement the resolutions mentioned above.
Details of Capital Hike |
|
Current Capital |
SAR 11.54 bln |
Number of Shares |
1.15 bln |
Capital after Increase |
SAR 11.80 bln |
Number of Shares after Increase |
1.18 mln |
New Shares Issued |
25.49 mln |
Percentage of Increase |
2.2% |
Record Date |
Nov. 4, 2024 |
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