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:

  1. SAR 862 million was spent on the execution of the first phase of the project.
  2. SAR 350 million used to settle the bridge loan from Al-Rajhi Bank.
  3. SAR 76 million spent as fees and expenses of the rights issue.
  4. 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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