Jabal Omar to set up two subsidiaries for SAR 20 mln

24/08/2017 Argaam

Jabal Omar Development Co. plans to set up two affiliated companies with a total capital of SAR 20 million, the developer said in a statement to Tadawul on Thursday.

 

The first affiliate, which will be 90 percent owned by Jabal Omar, will operate in hotels and resorts assets management and hosting services with a total capital of SAR 15 million.

 

The second subsidiary will be 60 percent owned by the Saudi-listed developer, with a total capital of SAR 5 million. It will manage shopping malls, the statement said.

 

The establishment of both companies will be financed from Jabal Omar’s internal resources.  The process is expected to be complete during Q4 2017.

 

There are no related parties involved in the transactions, the company added.

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