Saudi pilgrimage complex developer converts $1.4 billion debt to equity | Reuters
Jabal Omar Development Company (4250.SE), one of Saudi Arabia's largest listed property developers, said on Sunday it has reached an agreement with one of its debt holders to convert 5.3 billion riyals ($1.41 billion) of debt into new shares.
Jabal Omar Development (JODC) said it will issue more than 225 million new shares "and in exchange will extinguish all debts" it owes to the Alinma Makkah Real Estate Fund and "settle all rights and obligations related to the Fund."
Advertisement · Scroll to continue
The company operates the Jabal Omar complex of hotels and residential and commercial property within walking distance of the Grand Mosque in the Muslim holy city of Mecca. It was hard-hit when the pandemic curtailed pilgrimages.
No comments:
Post a Comment