Riyadh – Mubasher: Jabal Omar Development Co. signed on Wednesday, 27 September a 6-month non-binding memorandum of understanding (MoU) with Umm Al Qura Development and Construction Co. to merge the two firms.
Subject to the MoU, the two companies will appoint financial counselors to complete the necessary studies for the evaluation, due diligence, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).
There are related parties from the Tadawul-listed firm's board of directors in the deal, and currently there is no financial impact as the merger is still under studies.
