City Cement utilizes rights issue proceeds to fund line II operations

01/02/2015 Argaam

Saudi Arabia-based City Cement said on Sunday that its rights issue raised gross proceeds of SAR 946 million.

A total of SAR 653.31 million went to equipment, SAR 141.19 million for a power-generating plant, and SAR 8.88 million for engineering works, SAR 11.23 million as pre-operation expenses, and SAR 21.80 million as emergency expenses.

 

The company utilized SAR 836.41 million in third quarter of 2014.

Net proceeds ​from the rights issue ​reached SAR 931 million, after the company deducted SAR 15 million worth of relevant expenses and charges.


The Saudi-based company indicated that SAR 28.02 million were disbursed during fourth quarter 2014.

Accordingly, the remaining net proceeds reached SAR 66.57 million to be utilized in settling last payments to ensure post-operation quality.

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