Sahara announces to its shareholders the developments of proceeds from the rights issue received on 23/12/2011G. Up to the end of the 2nd quarter of 2013 the company has used the following amounts to finance the projects listed in the prospectus as follows:
- ALWAHA Petrochemicals Company: Zero
- SAHARA & Ma,aden Petrochemicals Company-SAMAPCO: SAR 52,330,000
- Saudi Acrylic Polymer Company-SAPCO: SAR 95,110,000
- Saudi Acrylic Monomer Company-SAMCO: Zero
- Neopentyl Glycol-NPG: SAR 110,000
- Butanol Project: SAR 74,840,000
- Utilities and off sites (U&O): SAR 164,670,000
- Administrative expenses related to Sahara Petrochemicals Company for five years: SAR 39,490,000
- Employee Home Ownership Program Financing Costs: Zero
- Adjustments Requests to support shared services: SAR 5,710,000
- Contingency (General): SAR 10,330,000
- Rights Issue Shares Financing Cost: SAR 31,920,000
- Short Term Bridge Loan repayment: SAR 384,770,000
- Employee Share Incentive Program: Zero
It is worth mentioning that the subscription proceeds amounted to SAR 1,462,650,000 (One billion and four hundred sixty two million and six hundred fifty thousand Saudi Riyal) of which SAR 859,280,000 (Eight hundred fifty nine million and two hundred eighty thousand) were already used as of end of the 2nd Quarter ,2013.The remaining balance of the subscription proceeds is SAR 603,370,000 (Six hundred and three million and three hundred seventy thousand).No proceeds were used in any other aspect other than mentioned in the prospectus. In case of any significant development, a relevant announcement will be released.
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