Jabal Omar Development Company delivered an update on the spending of proceeds of its rights issue, which took place between June 6 and June 15, 2011:
The company said in a filing to Tadawul that total proceeds were SAR 2.58 billion of which:
- SAR 862 million was spent on the execution of the first phase of the project.
- SAR 350 million used to settle the bridge loan from Al-Rajhi Bank.
- SAR 76 million spent as fees and expenses of the rights issue.
- SAR 484 million spent on the second phase of the project for preparation of layouts, foundation works and constructions, among other things.
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