NRC announces developments on the spending of IPO proceeds

The Northern Region Cement (NRC) announced the developments on the spending of the IPO proceeds between 1/3/2013 and 30/9/2013. The proceeds’ amount was SAR 900 million. After deduction of relevant fees and commissions (SAR 28 million), the net amount was SAR 872 million, and after deducting the sums spent till 28/2/2013 as announced by the company on 9/3/2013 (around SAR 792.9 million), the remaining sum is SAR 79.1 million.

The total spending between 1/3/2013 and 30/9/2013 for repaying contractors’ outstanding fees and purchasing heavy duty equipment for the second line (SAR 54.1 million), which brings the total to SAR 875 million or 97.2% of total original proceeds as announced by the company on 13/8/2013. The remaining sum (SAR 25 million) will be spent on implementation of the support service projects as outlined in Section 10 of the Prospectus. The details will be announced on time. However, no spending will take place in the third quarter.