Riyadh - Mubasher: Jabal Omar Development Company has announced the liquidation of Aliyat Marketing Company, a wholly-owned subsidiary with a capital of SAR 5.60 million.

The business activity of Aliyat Marketing has been consequently merged into Jabal Omar, while the voluntary liquidation is expected to have no material financial impact, according to a bourse filing.

On 20 December 2023, the board of Jabal Omar proposed a capital increase by way of debt conversion into new ordinary shares to creditors.

In the first nine months (9M) of 2023, Jabal Omar turned profitable at SAR 237.55 million, against net losses after Zakat and tax valued at SAR 157.98 million in 9M-22.