Jabal Omar Development Company has sent a note to the bourse with an update on the use of proceeds of its June 2011 rights issue, as of the end of 30 Rabi Al-Awwal 1437 (10 January 2016). A total of SAR2,580 million was collected, of which: i) SAR862 million were injected in the development of phase one of the project; ii) SAR350 million was used to repay a bridge loan from Al-Rajhi Bank; iii) SAR76 million in issuance costs; iv) SAR902 million was injected in design, infrastructure and construction costs related to phase two of the project. The unutilised balance amounting to SAR390 million will be used according to the plan, which was communicated in the IPO prospectus. (Tadawaul)