Alinma owners agree to Jabal Omar acquisition of fund assets in exchange for comprehensive settlement

Jabal Omar Development Company announced on Monday that it has received a notification from the Fund manager informing the Company that the Fund’s unitholders have approved: (i) the implementation of the fundamental changes to the Fund Terms and Conditions to allow the Fund unitholders the option to exit the Fund in exchange for in-kind consideration based on the terms and conditions of the Offer; and (ii) delegating the Fund manager to complete any required regulatory changes to enable the Fund manager to accept the Offer on behalf of the Fund.

The Fund Manager will complete the required procedures for obtaining the CMA approval on the fundamental changes to the Fund Terms and Conditions, and thereafter sign the binding agreement in respect of the transaction, which is expected to be on or prior to Thursday 10 February 2022.

The Company will announce any further material developments in relation to the transaction in due course.

This comes with reference to the announcement made by Jabal Omar Development Company (the “Company”) on Tadawul website on 23.12.2021 in respect of the recent development relating to the non-binding offer submitted to the manager of Alinma Makkah Real Estate Fund (the “Fund”) regarding the full settlement of the rights and obligations of the Fund’s assets (the “Offer”) in exchange for new shares to be issued to the Fund’s unitholders in the Company.