Jabal Omar says spent SAR 2.27 bln out of rights issue proceeds

Jabal Omar Development Co. said as of July 5 it has spent SAR 2.27 billion out of the SAR 2.58 billion generated from its rights issue.

In a statement on Tadawul, the developer said it used SAR 862 million to implement the first phase of its Makkah project and SAR 982 million for the second phase, which included design and construction work. The project is now 47 percent complete.

In addition, the developer spent SAR 350 million to repay a bridge loan from Al Rajhi Bank.

Underwriting fees and other expenses related to the rights issue amounted to SAR 76 million.

Jabal Omar added that the remaining SAR 310 million will be spent as outlined in the prospectus.