Jabal Omar Obtains Approval of CMA to Increase its Capital by Transferring Debts

The Company announced on Wednesday the issuance of CMA’s approval dated 7/6/2022 in respect of the Company’s application to increase its capital through conversion of all debts owed by the Company towards the Alinma Makkah Real Estate Fund (the “Creditor”) to new ordinary shares.

The Company will complete the procedures for holding the extraordinary general assembly of its shareholders in coordination with the relevant authorities and will announce that at a later time. The shareholders’ circular regarding the capital increase by way of debt conversion will be published in advance of the date of the aforementioned extraordinary general assembly.

The Company will announce any further material developments in relation to this subject in a timely manner as required by the relevant laws and regulations.

The approval of the Capital Market Authority for the Company’s Capital Increase Application has been obtained.

This comes with reference to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Exchange website on 28/4/2022 in relation to submitting an application to increase its capital through debt conversion to the Capital Market Authority (CMA).