Jabal Omar Announces Partial Early Redemption of Sukuk for USD 67,5

Jabal Omar Development Company announced the partial early redemption of sukuk amounting to USD 67,500,000 in aggregate face amount of its Certificates (out of total face amount of USD 135,000,000) that were issued on November 15, 2018 and its original maturity date is 15 November 2023.

Accordingly, the redemption amount together with any periodic distribution amounts that would be due will be transferred to the Sukukholders’ accounts based on their respective holdings.

The company said that “This step forms part of the company’s turnaround plan that aimed at improving the company’s funding structure and reducing its financial obligations and financing costs.”