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 2Q16, the company has used SAR1.075bn of the total SAR1.46bn and has allocated the proceeds as follows: i) Sahara and Ma’aden Petrochemical Company (SAMAPCO) – SAR52.3mn; ii) Saudi Acrylic Polymer Company (SAPCO) – SAR95.1mn; iii) Neo pentyl glycol (NPG) project – SAR0.11mn; iv) Butanol project – SAR74.84mn; v) utilities and offsites – SAR164.67mn; vi) administrative expenses – SAR105.12mn; vii) shared services support – SAR32.99mn; viii) contingency – SAR55.24mn; ix) rights issue costs – SAR31.92mn; x) short-term loan repayment – SAR384.8mn; and Employee Home Ownership programme – SAR14.4mn. No amounts from the rights issue have been used for Al Waha or Saudi Acrylic Monomer Company (SAMCO) as of yet. (Tadawul)   Sahara Petrochemicals: SAR11.59 as of 25 July 2016, Rating: Neutral, FV: SAR9.50 per share, MCap: USD1,356mn, SPC AB / 2260.SE