Saudi-based Jabal Omar Development Company has announced that its board has recommended the increasing of its capital to SR5.3 billion ($1.41 billion) through debt conversion of all debts towards its Alinma Makkah Real Estate Fund.

Following the board recommendation which was received by the Saudi developer last month, it has submitted an application seeking Saudi Capital Market Authority's nod for the capital hike, said the company in its filing to the Saudi bourse Tadawul.

The debt conversion is being done as recorded in Jabal Omar Development’s unaudited interim condensed consolidated financial statements for the three-month and nine-month periods ended on September 30, 2021.

This includes the settlement of all rights and obligations owed by the company to the Fund and its related entities, it added.



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