Alinma Makkah Fund unitholders approve Jabal Omar’s modified offer

Logo of Jabal Omar Development Co.

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 development Co. (JODC), Alinma Investment said in a statement.

This came during the unitholders’ meeting held, on Jan. 9, to vote on Jabal Omar’s modified offer, a key step to settle the obligations owed to the fund according to a specific exchange ratio.

The fund manager was authorized to sign - on behalf of the fund - the binding agreement in respect of the potential transaction after obtaining the Capital Market Authority’s (CMA) approval in respect of the proposed fundamental changes.

JODC announced, on Dec. 23, 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.

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