Jabal Omar Development Company penned two debt settlement agreements with Central District Cooling Company and Makkah Construction and Development Company.

The board members of Jabal Omar recommended a capital hike by way of debt conversion into new ordinary shares to the creditors, according to a bourse statement.

Jabal Omar plans to convert debts amounting to SAR 547.49 million. Hence, the capital increase will enable the firm to improve its liquidity, boost financial indicators, and achieve its growth objectives.

ANB Capital was appointed as a financial advisor to manage the capital increase requirements.

Meanwhile, the submission of the raise application to the Capital Market Authority (CMA) will be announced at a later time.

In the first nine months (9M) of 2023, Jabal Omar turned profitable at SAR 237.55 million, against net losses after Zakat and tax valued at SAR 157.98 million in 9M-22.

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