The City Cement Co. announces developments on the spending of IPO proceeds

The City Cement Company (CCC) announced the developments on its spending of the proceeds of the IPO that took place between 1/7/2013 and 30/9/2013. The proceeds amounted to SAR 946 million and after deducting related fees and commissions (SAR 15 million), the net becomes SAR 931 million. After deducting the sums spent during 2012 (113.79 million), the sum spent in the first quarter of 2013 (39.52 million), and the sum spent in the second quarter 2013 (46.86 million), then the remaining sum is SAR 730.83 million.

The amount used of such net sum between 1/7/2013 and 30/9/2013 is:

1- Main equipment and devices (SAR 52.72 million)

2- Electrical generation plant (SAR 5.17 million)

3- Engineering and knowhow (SAR1.05 million)

So the total spending amounts to SAR 58.94 million, i.e. 56.70% of the spending anticipated for the same period (originally SAR 104 million). The difference is due to the fact that some installments have not matured and some provisions are postponed.

The remaining sum will be spent on the other items provided for in Section 8 of the Prospectus.  Any further developments will be announced on time.