The mobile telecommunications company (Zain) announced today on tadawul developments of use of July 2012 IPO proceeds as follows:

  1. Actual amount used till 31/12/2013: SAR 3,249,330,491
  2. Budgeted amount (according to the prospectus) for the same period: SAR 3.45bn
  3. Deviation: SAR 0.20bn

The reason for this deviation is related to under spending caused by change in the schedule of network’s capital expenditures.

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