Sahara Petrochemical Co. has spent 1.1 billion out of the SAR 1.46 billion proceeds received from its initial public offering in 2011, the company said in a statement to Tadawul.
As of the end of Q1-2016, the company spent the proceeds on the following:
- ALWAHA Petrochemicals Company: SAR 0
- Neopentyl Glycol-NPG: SAR 110,000
- Employee Share Incentive Program: SAR 0
- Employee Home Ownership Program: SAR 12.08 million
Projects
All the following projects have been fully funded, and an excess of SAR 63.57 million has been added to the company’s treasury.
- SAHARA & Maaden Petrochemicals Co (SAMAPCO): SAR 52.33 million.
- The remaining SAR 72.17 million sum represents the partners’ loan funded by bank loans.
- Saudi Acrylic Polymer Company (SAPCO): SAR 95.11 million.
- Saudi Acrylic Monomer Company (SAMCO): SAR 0 and the remaining SAR 29.2 million sum represents an additional contribution that been netted off against the right issue proceeds.
- Butanol Project: SAR 74.84 million and the remaining SAR 2.52 million represent the company’s saving from the capital project cost.
Other Costs
- Utilities and off sites (U&O): SAR 164.67 million.
- Rights Issue cost: SAR 31.92 million and the remaining SAR 18.08 million represent saving in the financing cost from accelerated bridge loan repayment.
- Short Term Bridge Loan repayment: SAR 384.77 million.
- Five-year administrative expenses: SAR 99.28 million
- Adjustments requests to support shared services: SAR 31.6 million
- Contingency (General): SAR 55.24 million
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