Jabal Omar announces the use of June 2011’s IPO proceeds

13/11/2014 Argaam

Jabal Omar Development Company announced today on Tadawul developments of use of June 2011 IPO proceeds as follows:
 

Description

Amount in SAR

Gross IPO proceeds

2580m

IPO fees and expenses

76m

Implementation of Phase 1 of the project

862m

Repayment of the bridge loan obtained from Al-Rajhi bank

350m

Phase 2 (designs, foundation and construction expenses)

499m

Total amount spent till October 24,2014

1787m
   

Remaining amount that will be spent according to the prospectus

793m


The company said that all amounts are spent according to the IPO prospectus without any deviations and that the project is 42.6% complete.

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