Sahara announces to its shareholders the developments of proceeds from the rights issue received on 23/12/2011G. Up to the end of the first quarter of 2014 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 54,280,000
- Employee Home Ownership Program Financing Costs: 6,240,000
- Adjustments Requests to support shared services: SAR 23,630,000
- 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 898,230,000 (Eight hundred ninety eight million and two hundred thirty thousand Saudi Riyal) were already used as of end of the 1st Quarter ,2014.The remaining balance of the subscription proceeds is SAR 564,420,000 (Five hundred and sixty four million and four hundred twenty thousand Saudi Riyal).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.