Jabal Omar sells land in its Makkah project for SAR 1.14 Billion

Jabal Omar Development Company announced the sale of a plot of land in its project located in Makkah for SAR 1.14 billion, with the buyer bearing the real estate transaction tax and legal fees.

The company stated in a statement on Tadawul that the book value of the asset is SAR 255.9 million.

The objective of this deal is to improve the capital structure by reducing the company’s debt and financing the existing project.

Jabal Omar expects this deal to have a positive impact on its financial results after completion.

It is worth noting that the details of the use of the proceeds from the sale of the asset include repaying a loan and financing the existing project.