Tuesday 31 May 2011

gulfnews : Jabal Omar gets nod for 38.4% capital hike through rights issue

Saudi developer Jabal Omar will use part of the proceeds from a rights issue to pay back a 350 million riyals (Dh342.52 million) bridge loan from Al Rajhi Bank, it said in a prospectus.

Jabal Omar said on Sunday its shareholders approved a 38.4 per cent capital increase to 9.3 billion riyals ($2.48 billion) through a rights issue.

The prospectus, posted on the Capital Markets Authority website, said the proceeds would also be used to finish the first phase and start the second phase of building a project close to the Grand Mosque in Makkah.

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