Jabal Omar Development Company (JODC) announced the signing of a non-binding Memorandum of Understanding (MoU) with Umm Al-Qura Development and Construction Company (UQDC) yesterday, Wednesday, September 27, 2017, for a period of 6 months from the date of signing, for the purpose of merging UQDC with JODC.
Jabal Omar Development Company (JODC). Jabal Omar said that the memorandum authorizes both parties to appoint a financial advisor for each company to complete all necessary studies for the evaluation and due diligence process, and then agree on the final details of the transaction, and the necessary approvals will be taken from the concerned authorities during this period.
Jabal Omar said that the memorandum authorizes both parties to appoint a financial advisor for each company to complete all necessary studies for the evaluation and due diligence process. The company indicated that there is currently no financial impact of the merger as the studies are still ongoing, indicating that the company will announce any new developments on this subject in due course.
Related parties who are members of the Board of Directors of Jabal Omar Development Company in the transaction are:
Engineer Anas Mohammed <Mr. Anas Mohammed Saleh Serafi.
Mr. Muhyiddin Saleh Kamel.
General Endowments Authority.
Public Pension Agency.Public Pension Agency.
General Organization for Social Insurance.
General Organization for Social Insurance.
