Sahara uses SAR 1 bln from rights issue proceeds to fund projects

27/01/2016 Argaam

Sahara Petrochemical Co. has used SAR 1.06 billion out of the total SAR 1.46 billion in proceeds generated from its rights issue in December 2012 to finance several projects, the company said in a statement to Tadawul on Wednesday.

 

The petrochemical producer had a remaining balance of SAR 404.88 million, as of the end of 2015.

 

The funded projects include Al Waha Petrochemicals Co., Sahara & Maaden Petrochemicals Co (SAMAPCO), Saudi Acrylic Polymer Co. (SAPCO), Saudi Acrylic Monomer Co. (SAMCO) and the butanol project, among others.

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