Riyadh - Mubasher: Jabal Omar Development Company announced the extension of the memorandum of understanding (MoU) signed with Albilad Investment Company (Albilad Capital) to sell 93 housing unit of the second phase of an underway real estate fund being established by Albilad.
An agreement was made to extend the MoU for another five months ended 22 January 2018 under the same terms and conditions, according to a company statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Jabal Omar expects the completion of the acquisition procedures during the current fiscal year, and indicated that the agreement’s financial effect on its revenues and shareholders’ equity will be positive.
