Makkah Construction announces completion of 14.4M shares deposit from Jabal Omar

07/11/2024 Argaam
Logo ofMakkah Construction and Development Co.

Logo of Makkah Construction and Development Co.

Makkah Construction and Development Co. announced today, Nov. 7, the completion of the deposit of 14.41 million shares of Jabal Omar Development Co. into the former’s equity portfolio.

 

In a statement to Tadawul, the company explained that this came under the agreement signed between the two parties to settle the outstanding debt of Jabal Omar, amounting to SAR 309.56 million.

 

For more news and details on M&As

 

According to data available with Argaam, Jabal Omar’s shareholders approved the board’s recommendation to increase capital by 2.2% to SAR 11.80 billion through converting SAR 547.5 million worth of debt into new shares in favor of Central District Cooling Co. and Makkah Construction.

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