Saudi developer Jabal Omar gets approval for $600m capital hike to settle debt

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.