Sahara Petrochemical Company announced today on Tadawul developments of use of December 2011 IPO proceeds up to the end of Q1-2014.
 

The proceeds have been used according to the prospectus as follows:
 

Description

Amount in

SAR

Net IPO proceeds

1.46bn

Al-Waha petrochemical Co.

0

Sahara & Ma’aden petrochemicals co.

52.3m

Saudi Acrylic Polymer Co.

95.1m

Saudi Acrylic Monomer Company

0

Neopentyl Glycol

0.11m

Butanol Project

74.8m

Utilities and off sites

164.7m

Administrative expenses related to Sahara Petrochemicals Company for five years

54.3m

Adjustments Requests to support shared services

23.6m

Contingency (General)

10.3m

Rights Issue Shares Financing Cost

31.9m

Short Term Bridge Loan repayment

384.8m

Employee Share Incentive Program

0

Employee Home Ownership Program Financing Costs

6.2m

Total amount used of IPO proceeds

898.2

Remaining amount

564.4m

 

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