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Jabal Omar Development Co. — Capital/Financing Update 2021
Mar 9, 2021
53420_rns_2021-03-09_2b4e2280-2205-4547-a21a-d921ba30cb55.html
Capital/Financing Update
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Jabal Omar Development Company announces the signing of a SAR 1.6 billion Guarantee Issuance Agreement with the Ministry of Finance
4250 · 09/03/2021 16:03:28 · Announcement #62187 · View on Saudi Exchange
Jabal Omar Development Company announces the signing of a SAR 1.6 billion Guarantee Issuance Agreement with the Ministry of Finance
| Element List | Explanation |
|---|---|
| Announcement Detail | Jabal Omar Development Company announces the signing of a Guarantee Issuance Agreement with the Kingdom of Saudi Arabia, acting through the Ministry of Finance (“MOF”) whereby MOF issued a guarantee to Banque Saudi Fransi for the purpose of providing Jabal Omar Development Company with credit facilities amounting to SAR 1.6 billion. |
The guarantee was issued after agreeing on a number of representations and warranties to MOF, in addition to updating the mortgage registered previously to include the amount of the guarantee.
The credit facilities’ tenor will be 15 years from the date of signing the facility agreements on 8 March 2021
The facilities will be used to complete the remaining work of the Phase 3 of the Jabal Omar project, which consists of 4 towers with 2,160 rooms and a total commercial area of 26,435 sqm and 621 parking spaces.
Note that this agreement is classified as a related party agreement given the board member Mr. Thalb Al-Shamrani is a senior executive in the Ministry of Finance.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.