JEDDAH, 25 June 2007 — A total of more than 5 million Saudis applied for 201 million shares of the Jabal Omar Development Co. at the closure of the 10-days IPO on June 18. Each single applicant would get 40 shares while an application for two subscribers would get 79 shares and application for three subscribers would receive 119 and the four subscribers would take 159 shares, according to Abdul Rahman Faqeeh, chairman of the founding committee of the new company. It has a capital of SR6.7 billion, representing the total 671.4 million shares, offered 201 million shares or 30 percent of the total to Saudis at the rate of SR10 per share. The company stocks are expected to be traded on the Saudi bourse by mid-September.
Jabal Omar is investing SR10 billion over seven years to build 40 towers housing hotels and apartments in the area.
