Main Menu
  • News
  •   >  
Alinma Investment Web Content Viewer

Alinma Investment Company announces a material development related to the non-binding offer submitted by Jabal Omar Development Company

Alinma Investment Company announces a material development related to the non-binding offer submitted by Jabal Omar Development Company

19 Jumada I 1443 AH H - 23 December 2021 G

Alinma Investment Company would like to announce a material development related to the non-binding offer submitted by Jabal Omar Development Company (JODC), which concerns JODC's desire to acquire the assets of Alinma Makkah Real Estate Fund and settle the obligations owed to the Fund in exchange for granting Shares in JODC to the Unitholders, in accordance with a specific exchange ratio. The Fund Manager and the Fund’s financial advisor (GIB Capital) have examined [JODC] offer, and considering the existing agreements and after reviewing the results of the real estate evaluation of the assets prepared by an independent real estate appraiser, and based on negotiations between the parties and their respective advisors, the Fund Manager and the offeror (Jabal Omar Development Company) agreed on amending the offer and change the exchange ratio to become 0.4423 new shares for each unit of the Fund instead of the initial offer consisting of issuing 0.3793 new shares for each unit of the Fund. For more details on the amended offer, please see the attachment.

 

Based on the Fund Manager’s recommendation, the Fund’s Board of Directors issued a decision to approve the fundamental changes in the Fund’s Terms and Conditions memorandum, allowing the option of an in-kind exit, in accordance with the latest offer submitted by Jabal Omar Development Company.

 

It is noteworthy that these proposed amendments are effective only after being approved by the Unitholders of the Fund and the Capital Market Authority, in accordance with the relevant regulatory procedures.

 

The Fund Manager will also announce any material developments related to the transaction in accordance with the relevant laws and regulations.

 

https://www.alinmainvestment.com/wps/wcm/connect/investmentNew/110f9a7d-c1e8-44d4-8ec8-069cf058784c/Agreement+Summary+Announcement+%28EN%29+.pdf?MOD=AJPERES

Complementary Content
${loading}