Riyadh – Mubasher: Jabal Omar Development Company (JODC) has received the approval of the Ministry of Finance (MoF) to restructure a SAR 3 billion loan.
The MoF has agreed on converting SAR 1.5 billion of JODC's total existing loan amount into a new Shariah-compliant subordinated perpetual instrument, according to a bourse filing on Sunday.
Meanwhile, the maturity of the remaining SAR 1.5 billion will be extended to 31 March 2031, with a bullet payment.
The entire SAR 440 million accrued but unpaid profit as of 14 November 2021 will be exempted.
This step aims to implement JODC’s capital structure optimisation programme, cut annual financial charges, and improve the company’s capitalisation and stabilisation of the financial position.
