The Sahara Petrochemical Company (Sahara) [2260.SE] has announced developments regarding the use of rights issue proceeds that were obtained at the end of 2011. At the end of 1Q2016, the company had used SAR1.065 billion of the total SAR1.46 billion and has allocated the proceeds as follows: i) Sahara and Ma’aden Petrochemical Company (SAMAPCO) – SAR52.3 million; ii) Saudi Acrylic Polymer Company (SAPCO) – SAR95.1 million; iii) Neo pentyl glycol (NPG) project – SAR0.11 million; iv) Butanol project – SAR74.84 million; v) utilities and offsites – SAR164.7 million; vi) administrative expenses – SAR99.3 million; vii) shared services support – SAR31.6 million; viii) contingency – SAR55.24 million; ix) rights issue costs – SAR31.92 million; x) short-term loan repayment – SAR384.8 million; and Employee Home Ownership program – SAR12.08 million. No amounts from the rights issue have been used for Al Waha or Saudi Acrylic Monomer Company (SAMCO) as of yet. (Tadawul)