Sahara Petrochemical has spent over SAR 1 bln from IPO proceeds

Sahara Petrochemical Co. has spent 1.08 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 Q3-2016, the company had spent SAR 110,000 on Neopentyl Glycol-NPG,  SAR 110.960 million related to administrative expenses related to Sahara Petrochemicals Company for five years, SAR 32.89 million on adjustment requests to support shared services, SAR 55.24 million on general contingency and SAR 14.4 million on employee home ownership program.

Other projects have been fully funded and the excess amount which equal to SAR 63.57 million has been added to the company’s treasury, it said.