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.
Most recently, the company announced a revenue surge of 296 percent for the first half of 2022, however its net loss widened by 316 percent to SR311 million.