Jabal Omar shareholders approve 38.4% capital increase

30 May 2011

(MENAFN) Jabal Omar, the Saudi developer, said that since the company would fund a major project, its shareholders agreed on an increase in its capital that would reach 38.4 percent through a rights issue, reported Arab News.

The developer added that its capital would increase to USD2.48 billion from the current USD1.78 billion; in addition, it would issue one share for every 2.6 outstanding shares at USD2.6 per share.

It also said that last year it asked shareholder’s approval for a change in its basic charter that would permit the company to borrow more money, adding that last October, it secured a USD360 million bridge loan to finance the project located near the Grand Mosque in Makkah, which would include luxury facilities.

It is worth noting that Saudi Finance Ministry gave a USD1.33 billion loan to Saudi developer Emaar Economic City in order to accelerate construction of a project.

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