Riyadh – Mubasher: The general assembly of Jabal Omar Development approved on Thursday purchasing the remaining cash stake of Makkah Construction.
The stake represents 35.96 million shares worth SAR 359.56 million; the company’s board was mandated to determine the payment mechanism later, according to a bourse filing on Sunday.
The meeting also agreed on amending the firm’s bylaws to be in line with the New Companies Law.
The assembly also gave a nod to the board and auditor's reports for fiscal year 2016.
Moreover, an agreement between Jabal Omar and Al Bilad Securities and Investment Co was renewed and relicensed for another year.
Jabal Omar’s assembly also approved the works between the company and the National Central Cooling Company (Tabreed), which come in the form of cooling services for a whole project of a 55,000-tonne production capacity.
