Jabal Omar announces the use of June 2011 IPO proceeds:

27/02/2014 Argaam

Jabal Omar Development Company announced today on tadawul the latest updates regarding the use of June 2011’s IPO proceeds until 31 January 2013 as follows:

  1. Total IPO proceeds: SAR 2.58bn.
  2. SAR 1,637m were spent as set out in the IPO prospectus with the following details:

 

  • SAR 862m: Phase I of Jabal Omar Project.
  •  SAR 350m: Repayment of the bridge loan granted by Al-Rajhi bank.
  • SAR 76m: IPO fees and related expenses.
  • SAR 349m: Design and construction expenses for phase II of the project.
  • The Remaining amount of SAR 943m is to be used as specified in the IPO prospectus.

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