Sahara Petrochemical updates use of rights issue proceeds

Sahara Petrochemical Co. spent around SAR 1.1 billion, by the end of Q4 2016, out of the SAR 1.46 billion proceeds received from its rights issue in 2011, the company said in a statement to Tadawul on Sunday.

The items that have used the full allocated funds include: a Short Term Bridge Loan repayment of SAR 385 million; administrative expenses for five years amounting to SAR 117 million; SAR 95 million on the Saudi Acrylic Polymer Company (SAPCO); and SAR 0 on the Saudi Acrylic Monomer Company (SAMCO), with the remaining SAR 29 million representing an additional contribution that been netted off against the right issue proceeds.

Other items recorded a variation of SAR 362 million, which was added to the company treasury.