Jabal Omar Development Co., got the Saudi ministry of finance approval to restructure the company’s remaining loans worth SR3 billion riyals, it said in a filing.
The restructuring deal includes the conversion of SR1.5bn of the total existing loan into a new Shariah-compliant subordinated perpetual instrument, as well as the maturity extension of the remaining SR1.5bn to 31 March 2031, the company known as JODC said.
Khalid Al-Amoudi, CEO of JODC, said in a statement: “This is a major milestone for our capital structure optimization plan that will set us on a more sustainable course towards completing the Jabal Omar masterplan. Our immediate focus remains on executing the financial transformation plan to support the completion of the outstanding phase. With the gradual reopening of the Kingdom to pilgrims post Covid-19, and our now more stable financial position, we are more confident in our ability to ramp up operations and construction mobilization on site.”