Riyadh – Mubasher: Jabal Omar Development Company submitted an application file to the Capital Market Authority (CMA) to increase its capital by SAR 547.49 million on 3 April 2024.

The capital will be implemented by way of converting the outstanding debts owed to each of Central District Cooling Company and Makkah Construction and Development Company, according to a bourse filing.

Last December, the board members of Jabal Omar recommended the transaction to improve the company’s liquidity and enhance financial indicators.

In 2023, Jabal Omar turned profitable at SAR 37.48 million, against net losses valued at SAR 352.43 million in the January-December 2022 period.