NRC announces developments on the spending of IPO proceeds

The Northern Region Cement (NRC) announced the developments on its spending of the proceeds of the IPO that took place in February 2013. The proceeds amounted to SAR 900 million and after deducting the related fees and commissions which amounted to SAR 28 million, the net becomes SAR 872 million. The amount used of such net sum till 28/2/2013 is:

1- Repayment of a short-term Murabaha loan for general investments (SAR 300.37 million)

2- Repayment of a bridge loan for the second production line and Kabisah Cement Factory (SAR 361.16 million)

3- Repayment of the Saudi Industrial Development Fund’s loan (SAR 31.37 million)

4- Repayment of outstanding dues to contractors and purchase of heavy equipment for the second line (SAR 100 million)

The total spending is SAR 820.9 million, i.e. 91.2% of total proceeds. The remaining sum will be spent on the remaining items provided for in Section 10 of the Prospectus.  Any further developments will be announced on time.