Riyadh –  The Capital Market Authority (CMA) approved the request of Jabal Omar Development Company to raise its capital by converting debt worth SAR 547.49 million.

The listed company submitted the increase application file to the CMA last April, while the authority greenlighted the transaction on 1 September 2024, according to a bourse disclosure.

Meanwhile, 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.

In December 2023, the board members of Jabal Omar recommended the capital hike by converting the outstanding debts owed to each of Central District Cooling Company and Makkah Construction and Development Company.

During the first half (H1) of 2024, Jabal Omar shifted to net profits valued at SAR 52.32 million, versus net losses worth SAR 67.91 million in H1-23.

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