Sahara Petrochemical announces developments of right issues

27/01/2016 16:31 AST

Sahara announces to its shareholders the developments of proceeds from the rights issue received on 23/12/2011G. Up to the end of the fourth quarter of 2015 the company has used the following amounts to finance the projects listed in the prospectus as follows:

- ALWAHA Petrochemicals Company: Zero

- Neopentyl Glycol-NPG: SAR 110,000

- Administrative expenses related to Sahara Petrochemicals Company for five years: SAR 93,440,000

- Employee Home Ownership Program Financing Costs: 10,150,000

- Adjustments Requests to support shared services: SAR 31,620,000

- Contingency (General): SAR 55,240,000

- Employee Share Incentive Program: Zero

As for the following, these projects have been fully funded and the excess amount which equals SAR 63,570,000 has been added to the company treasury:

- SAHARA & Ma,aden Petrochemicals Company-SAMAPCO: SAR 52,330,000 and the remaining SAR 72,170,000 represent the partners loan that been funded by bank loans

- Saudi Acrylic Polymer Company-SAPCO: SAR 95,110,000 and the remaining is zero

- Saudi Acrylic Monomer Company-SAMCO: Zero and the remaining SAR - 29,200,000

represent an additional contribution that been netted off against the right issue proceeds - Butanol Project: SAR 74,840,000 and the remaining SAR 2,520,000 represent the companys saving from the capital project cost

- Utilities and off sites (U&O): SAR 164,670,000 and the remaining is zero

- Rights Issue Shares Financing Cost: SAR 31,920,000 and the remaining SAR 18,080,000 represent saving in the financing cost from accelerated Bridge Loan repayment

- Short Term Bridge Loan repayment: SAR 384,770,000 and the remaining is zero It is worth mentioning that the subscription proceeds amounted to SAR 1,462,650,000 of which SAR 1,057,770,000 was already used at the end of the fourth Quarter 2015.The remaining balance of the subscription proceeds is SAR 404,880,000. No proceeds were used in any other aspect other than mentioned in the prospectus. In case of any significant development, a relevant announcement will be released.

Tadawul