The Sahara Petrochemical Company (Sahara) [2260.SE] has announced developments regarding the use of rights issue proceeds that were obtained at end of 2011. As of end of 4Q2015, the company has used SAR1.06 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 – SAR93.4 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 programme – SAR10.15 million. No amounts from the rights issue were used for Al Waha or Saudi Acrylic Monomer Company (SAMCO) as of yet. (Tadawul)   Sahara Petrochemicals: SAR7.84 as of 27 January 2016, Rating: Buy, FV: SAR14.50 per share, MCap: USD917 million, SPC AB / 2260.SE