Jul 02 2011 |
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Strong demand for Jabal Omar rights issue
JEDDAH: The subscription of Jabal Omar Development Company 's ( JODC ) rights issue witnessed a strong demand from shareholders and the final coverage percentage exceeded 125 percent.This was announced by Al-Rahji Capital, financial advisers, lead managers and lead underwriters of the rights issue, offered last month.
"We appreciate the trust that the JODC put in Al-Rajhi Capital for the rights issue," said Al-Rahji Capital CEO Gaurev Shah. He also thanked the Capital Market Authority (CMA), Tadawul and other receiving banks for their contribution to the success of the transaction. The rights issue began on June 6 and concluded on June 15.
The entitled shares have been allocated as one new share for each 2.60233 shares owned on the entitlement date for the eligible subscribed shareholders, according to a statement.
These additional shares have been allocated to all shareholders who subscribed at SR14.45 and 12.95 fully, while the remaining additional shares have been allocated to the shareholders, who subscribed at SR11.50 in accordance with their ownership on the entitlement date.
No allocation of any additional shares has been made to shareholders who subscribed for additional shares at SR10. The oversubscription amounts have been refunded to shareholders by June 28, 2011, according to the statement.
It said the compensation amount, arising as a result of the subscription in the additional shares, would be paid to unsubscribed eligible shareholders by not later than July 27.
The development company was originally trying to raise SR1.68 billion ($447.6 million) to finance the construction of bridges and hotels for its project in Makkah.
Upon CMA approval to raise capital, it stated that the proceeds from the rights issue would be used to complete the first phase and begin the second phase of the project, located near the Grand Mosque.
In October, the developer secured a SR1.35 billion bridge loan from local banks and said it would finance it through a SR5 billion syndicated loan, Reuters reported in May.
© Arab News 2011
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