Saudi Stock Exchange Approves Jabal Omar’s Capital Jabal Omar’s Request

Jabal Omar Development Company announced on Monday in a disclosure to the Saudi Stock Exchange (Tadawul) that the Capital Market Authority (CMA) has approved its request for a capital increase by converting its debt to first creditor, Tabreed (DFM:TABR) Central Zone, and second creditor, Mecca (DFM:TABR) Central Zone, the primary creditor, and Mecca Construction and Development Company, the secondary creditor, by converting their debts into common stock, the statement said.

According to the statement, Jabal Omar Saudi Arabia will complete the process of holding an extraordinary shareholders' meeting in coordination with the relevant authorities and will announce an update at a later date.

Jabal Omar Development Company (TADAWUL: 4250) was down 2.65% to about 25.7 SAR in trading on the Saudi Arabian market on Monday.

Jabal Omar Saudi Arabia earlier announced that it turned profitable in the second quarter and first half of this year, with net profit after zakat and taxes reaching about SAR 33.3 million in the second quarter, compared to a loss of SAR 79.84 million in the same period last year.

At the end of the first half of this year, the company returned to profitability with a net profit of SAR 52.32 million in the first half of the year, compared to a loss of SAR 67.91 million in the same period last year.