Jabal Omar expects to complete procedures for Alinma Makkah Fund offer by Feb. 10

Logo of Jabal Omar Development

Jabal Omar Development Co. received, on Jan. 9, a notification from Alinma Makkah Real Estate Fund informing that the unitholders approved the implementation of the fundamental changes to the fund terms and conditions to allow the unitholders the option to exit the fund in exchange for in-kind consideration based on the terms and conditions of the offer; and delegating the fund manager to complete any required regulatory changes to enable the manager to accept the offer on behalf of the fund.

The company said in a bourse filing that the fund manager will complete the required procedures for obtaining the approval from the Capital Market Authority (CMA) on the fundamental changes to the fund terms and conditions, and thereafter sign the binding agreement in respect of the transaction, which is expected to be on or prior to Feb. 10, 2022.

The company will announce any further material developments in relation to the transaction in due course.

According to data compiled by Argaam, Jabal Omar announced, on Dec. 23, 2021, modifying its share offer to 225.13 million from 193.07 million to Alinma Makkah Real Estate Fund’s manager to settle all payment obligations and other liabilities owed by the developer to the fund.

In addition, Alinma Investment announced yesterday that Alinma Makkah Real Estate Fund’s unitholders approved applying fundamental changes to the fund’s terms and conditions to allow the unitholders’ exit in exchange for an in-kind consideration based on the revised offer from Jabal Omar.