Jabal Omar Development Co. said it has spent SAR 2.19 billion out of the SAR 2.58 billion proceeds generated from its rights issue that took place from June 6 to June 15, 2011, the company said in a statement to Tadawul.
The developer used SAR 862 million to implement the first phase of its Makkah project and SAR 939 million for the second phase, which included design and construction work. The Makkah project is now 46.9 percent complete.
A total of SAR 350 million was used to repay a bridge loan from Al Rajhi Bank.
Direct and indirect expenses related to the rights issue amounted to SAR 76 million.
Jabal Omar added that the remaining SAR 350 million will be spent on the items outlined in its prospectus.
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