Jabal Omar Publishes Shareholders Circular on Capital Increase via Debt Conversion

Jabal Omar Development Co. announced on Wednesday the publication of the shareholders circular prepared and addressed to its shareholders in accordance with the requirements of Article (74) of the Rules for the Offering of Securities and Continuing Obligations regarding the capital increase through debt conversion.

According to the Company’s statement on Tadawul, the circular includes the details of the deal, its terms and conditions, and all related matters, including the related parties, the procedures for completing the deal, and the risks associated with.

The Company stressed the need for shareholders to read and carefully study all the information contained in the circular before making their decision regarding voting on the deal. In the event of any doubt regarding the vote that should be taken by any shareholder in the Extraordinary General Assembly for the deal, the members of the Company’s board of directors recommend obtaining independent financial advice from any independent financial advisor licensed by the Saudi Capital Market Authority and relying on his own review of the deal to ensure the suitability of the deal and the information contained in the circular for the investment objectives and financial conditions of the shareholder.

This came in reference to the announcement of Jabal Omar Development Co. published on the website of the Saudi Stock Exchange (Tadawul) on Dec. 20, 2023 regarding the conclusion of two debt settlement agreements with each of the Central District Cooling Company (the First Creditor) and Makkah Construction and Development Company (the Second Creditor), to transfer the debts owed to them by issuing new shares in their favour in the company by increasing the Company’s capital, and where the Company announced on Sep. 02, 2024 the issuance of the approval of the Capital Market Authority on Sep. 01, 2024 on the Company’s request to increase its capital for the purpose of the transaction, and with reference to the company’s announcement on Oct. 14, 2024 regarding the Company’s invitation to its shareholders to attend the Extraordinary General Assembly Meeting scheduled to be held at 18:30 on Monday April 11, 2024 to vote on the decisions related to the deal, the details of which are included in the aforementioned invitation.