Jabal Omar Development Company (Jabal Omar) has sent a note to the bourse with an update on the use of proceeds of its June 2011 rights issue. The total amount collected was SAR2.58bn, of which: i) SAR862mn was injected in the development of phase one of the project; ii) SAR350mn was used to repay a bridge loan from Al-Rajhi Bank; iii) SAR76mn in issuance costs; iv) SAR982mn were injected in design, infrastructure and construction costs related to phase two of the project. The unutilised balance amounting to SAR310mn will be used according to the plan, which was communicated in the IPO prospectus. (Tadawaul)