Monday, May 30, 2011
(This story was originally published Sunday.)
RIYADH (Zawya Dow Jones)--Saudi Arabia's Jabal Omar Development Co. (4250.SA) said Sunday its shareholders approved a plan to increase its capital by 2.6 billion Saudi riyals ($688 million) to SAR9.3 billion.
The company will raise its capital through a rights issue offering, it said in a statement posted on the Saudi bourse website. One share will be allocated for every 2.6 shares outstanding at a value of SAR10 per share, it added.
Earlier this month, Jabal Omar said it signed agreements with three global hotel chains where they will manage and operate hotels serving pilgrims in the holy city of Mecca.
Jabal Omar shares were last trading 5.37% higher Sunday at SAR15.70.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
30-05-11 0348GMT
