Monday, Jun 20, 2011
(This item was originally published Sunday.)
??RIYADH (Zawya Dow Jones)--The rights issue of Saudi Arabia's Jabal Omar Development Co. (4250.SA) was oversubscribed by over 125%, the lead manager of the offering said Sunday.?? ?
The total proceeds of the offering , which ended Wednesday, reached 3.46 billion Saudi riyals ($922.7 million), Al Rajhi Capital, the lead manager and underwriter of the rights issue said in a statement.??
Jabal Omar said last month it planned a rights issue to increase its capital by SAR2.6 billion to SAR9.3 billion.
It said it will allocate one share for every 2.6 shares outstanding at a value of SAR10 a share. In May, Jabal Omar said it had signed agreements with three global hotel chains where it will manage and operate hotels serving pilgrims in Mecca.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com??
(END) Dow Jones Newswires
20-06-11 0355GMT
