Saudi Arabia - Jabal Omar Development Company, a leading Saudi property developer, said it has received approval from the kingdom's Capital Market Authority (CMA) to increase the firm's capital from SR9.29 billion ($2.47 billion) to SR11.55 billion ($3.1 billion) by issuing 225.13 million new shares.

The capital will be increased by converting SR5.3 billion in debt owed to Alinma Makkah Real Estate Fund, as per the unaudited consolidated financial statements for the three- and nine-month periods ended on September 30, 2021, stated Jabal Omar Development Company in its filing to the Saudi bourse Tadawul.

The Saudi developer said the CMA approval is conditional on the company’s extraordinary general assembly (EGM) approval and completion of the necessary procedures in relation to the applicable regulations.

A shareholders' circular will be published clarifying reasons for the capital increase and its objectives within sufficient time prior to the Extraordinary General Assembly Meeting to enable shareholders to vote on the capital increase through debt conversion, it added.

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