RIYADH: Jabal Omar Development Co. has increased its share offer to Alinma Makkah Real Estate Fund’s manager to settle payment obligations owed by the developer to the fund.
The offer was revised from 193.07 million to 225.13 million shares with an added binding agreement whereby the fund is required to sign the offer by Feb. 10, 2022 at the latest, the company said in a filing to the Saudi Stock Exchange on Thursday.
Earlier in September, the developer had submitted a non-binding offer to Alinma Makkah Real Estate Fund’s manager to settle its liabilities.
The real estate development company’s losses narrowed to SR345 million ($91.8 million) in the first nine months of 2021, compared with losses of SR918 million incurred during the same period last year, according to the bourse filing.