Follow-ups -eshrag News:
RIYADH: Jabal Omar Development Co.’s shareholders have approved a capital hike of SR2.3 billion ($600 million) to settle debts owed to the Alinma Makkah real estate fund.
The Makkah-based developer will increase its current SR9.3 billion capital to SR11.5 billion by converting debt, it said in a filing to the Saudi Exchange.
Through the 24 percent capital raise plan, Jabal Omar aims to clear its entire debt with the fund.
Noting that the news was copied from another site and all rights reserved to the original source.