Sahara announced the developments of using the proceeds of its rights issue received on Dec. 23, 2011.
Up to the end of the third quarter of 2014, the company has used the following amounts to finance the projects listed in the prospectus as follows: - ALWAHA Petrochemicals Company: Zero
- Neopentyl Glycol-NPG: SAR 110,000
- Administrative expenses related to Sahara Petrochemicals Co. for five years: SAR 68,110,000
- Employee home ownership program financing costs: SAR 6,960,000
- Adjustments Requests to support shared services: SAR 29,030,000
- Contingency (General): SAR 10,330,000
- Employee Share Incentive Program: Zero
As for the following, these projects have been fully funded and the excess amount has been added to the company treasury:
- SAHARA & Ma,aden Petrochemicals Company-SAMAPCO: SAR 52,330,000 and the remaining SAR 72,170,000 represent the partners loan that been funded by bank loans
- Saudi Acrylic Polymer Company-SAPCO: SAR 95,110,000 and the remaining is zero
- Saudi Acrylic Monomer Company-SAMCO: Zero and the remaining SAR 29,200,000 represent an additional contribution for the increase in the project cost that been netted off against the right issue proceeds
- Butanol Project: SAR 74,840,000 and the remaining SAR 2,520,000 represent the companys saving from the capital project cost
- Utilities and off sites (U&O): SAR 164,670,000 and the remaining is zero
- Rights issue shares financing cost: SAR 31,920,000 000 and the remaining SAR 18,080,000 represent saving in the financing cost from accelerated Bridge Loan repayment
- Short-term bridge loan repayment: SAR 384,770,000 and the remaining is zero
It is worth mentioning that the subscription proceeds amounted to SAR 1,462,650,000, of which SAR 981,750,000 were already used as of the end of the third quarter of 2014.The remaining balance of the subscription proceeds is SAR 480,900,000. 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.