RIYADH: Saudi Jabal Omar Development Co.’s shareholders will vote on a proposal to increase capital to SR11.5 billion ($3 billion) in the next extraordinary general assembly meeting to be held on Aug. 25.
The Saudi-listed developer will finance the capital hike plan of 24 percent from SR9.3 billion through debt conversion, it said in a bourse filing.
The plan entails raising the number of the company’s issued shares from 929 million to 1.15 billion.
The Kingdom’s stock market regulator, known as the Capital Market Authority, approved the board’s recommendation to hike capital last month.
