RIYADH: Saudi developer Jabal Omar Development Co. has received approval from the Capital Market Authority to increase its capital by SR5.3 billion ($1.4 billion).
The listed company will finance the capital plan by converting debt, according to a statement by CMA.
The move is subject to approval from the company’s shareholders as well as completing the required regulatory procedures.
The Makkah-based developer’s losses narrowed by 47 percent and revenues surged 408 percent in the first quarter of 2022, due to improved post-pandemic business operations.
