Oct 25 2009 |
more articles from
|
Jabal Omar to raise $450m in rights issue
RIYADH - Saudi property developer Jabal Omar Development Company plans to raise around $447.6 million through a rights issue, which would finance about 14 percent of its sole project in Makkah."The issue premium will be set later," it said in a statement, adding that its board had recommended the SR1.68 billion ($447.6 million) capital increase.
The company has hired the world's largest Islamic lender Al-Rajhi Bank to provide "financial advise and arrange the necessary financing through diverse Shariah-compliant instruments" for its project in Makkah.
Jabal Omar said in April that its previous financial adviser, Saudi investment bank Jadwa Investment, was unable to secure SR12.4 billion ($3.31 billion) to finance the project within agreed deadlines.
Jabal Omar Development later said it would present its shareholders on June 10 with a proposal allowing the firm to issue Sukuk, or Islamic bonds.
Earlier, Jabal Omar Development Company has invited greater Malaysian interest including Tabung Haji to participate in the 60-acre (24-ha) real estate project near the Grand Mosque (Masjidil Haram) in Makkah.
International Trade and Industry Minister Datuk Mustapa Mohamed, who is on the final leg of his week-long trade and investment mission to three Arab countries, said the project involved SR18 billion.
"Work has started. They are inviting Malaysian investors including Tabung Haji to rent part of the area that is under development.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment