Jabal Omar Development Co. has used SAR 862 million out of the SAR 2.58 billion in total proceeds generated from a recent rights issue to fund the first phase of its real estate project in Makkah, while SAR 751 million went towards financing the second phase.
In addition, the developer capitalized on SAR 350 million to repay a bridge loan secured from Al Rajhi Bank, the company said in a statement to Tadawul.
Costs associated with the offering reached SAR 76 million and the remaining net cash amounted to SAR 541 million.
The project is now 46 percent complete, the statement added.
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