Jabal Omar announces the use of June 2011 IPO proceeds:

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.