Article: Jabal Omar to raise SR 1.68 billion in rights issue.(Jabal Omar Development Company)(Brief article)

Article from:
Saudi Economic Survey
Article date:
November 1, 2009
Copyright

Saudi property developer Jabal Omar Development Co. plans to raise around SR 1.68 billion through a rights issue, which would finance about 14 per cent of its sole project in the holy city of Makkah. 'The issue premium will be set later,' it said in a statement, adding that its board had recommended the SR 1.68 billion ($447.6 million) capital increase.

The company has hired the world's largest Islamic lender Al-Rajhi Bank to provide 'financial advice and arrange the necessary financing through diverse Islamic sharia-compliant instruments' ...

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