Jabal Omar announces the use of June 2011’s IPO proceeds

19/05/2014 Argaam

Jabal Omar Development Company announced today on Tadawul developments of use of June 2011 IPO proceeds as follows:

Description

Amount in SAR

Gross IPO proceeds

2580m

IPO fees and expenses

76m

Implementation of Phase 1 of the project

862m

Repayment of the bridge loan obtained from Al-Rajhi bank

350m

Phase 2 (designs, foundation and construction expenses)

373m

Total amount spent till April 29,2014

1661m
   

Remaining amount that will be spent according to the prospectus

919m

The company said that all amounts are spent according to the IPO prospectus without any deviations.

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