Jabal Omar uses 2011 rights issue proceeds to fund project, expenses

Jabal Omar Development Co. has used total proceeds of its rights issue, which took place in June of 2011, to fund its multi-phased project and offering expenses, the Saudi Arabia-based developer said in a bourse statement on Wednesday.

The company raised SAR 2.580 billion, of which SAR 1.846 billion were utilized for several projects up until June 2015.

Costs for the rights issue had reached SAR 76 million, and the remaining net cash amounted to SAR 734 million

At total of SAR 862 million went to the first phase of its multi-phased project. In addition, around SAR 350 million was utilized to settle a bridge loan secured from Al Rajhi Bank. Moreover, a sum of SAR 558 million was directed to the construction of the second phase and design works.

The project is currently 43 percent completed, the statement added.