Sahara has announced developments regarding the use of rights issue proceeds that were obtained at end of 2011. As of end of 4Q16, the company has allocated the proceeds to the following: i) Saudi Acrylic Polymer Company (SAPCO) – SAR95.1mn; ii) short-term loan repayment – SAR384.8mn; and iii) administrative expense- SAR116.8mn. The company attributed SAR362.3mn deviations for the actual use of proceeds to the following: i) Saudi Butanol Company- SAR2.52mn; ii) Al Waha Petrochemicals Company - SAR136.4mn; iii) Sahara and Maaden company (SAMAPCO)-SAR72.1mn; iv) Neo pentyl glycol (NPG) project – SAR89.9mn; v) Shared services support – SAR25.44mn; vi) Contingency – SAR6.28m; vii) Employee share incentive programme - SAR40mn and Employee Home Ownership programme – SAR64.34mn; viii) rights issue costs- SAR18mn. (Tadawul)   Sahara Petrochemicals: SAR15.58 as of 26 January 2017, Rating: Neutral, TP: SAR10.50 per share, MCap: USD1,823mn, SPC AB / 2260.SE