Sahara says SAR 1.01 bln of rights issue proceeds spent on key projects

28/04/2015 Argaam
Sahara Petrochemicals Company said on Tuesday that it has so far used SAR 1.01 billion out of SAR 1.46 billion collected during its 2011 rights issue on key projects.
 
The company said the funds were spent as scheduled in its rights issue prospectus. It financed projects like Sahara & Maaden Petrochemicals Co., Saudi Acrylic Polymer Co., Saudi Acrylic Monomer Co. and Butanol project.
 
A portion of the collected proceeds was used on financing a loan, as well as general administrative costs. The remaining balance of proceeds currently stands at SAR 455.89 million, it added.
 
Sahara received the full amount on December 23, 2011, following the company’s decision to increase its capital by 50% percent during December 6-14, 2011.

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