Saudi Arabia-based City Cement Co.announced the developments of using the SAR 946 million proceeds generated from its initial public offering(IPO)during the period from October 1,2013 till December 31,2013,as follows:
1-Main equipment and machinery:SAR 128.83 million
2-Power generation station:SAR 59.70 million
3-Engineering and technical knowledge:SAR 1.42 million
4-Capital commitments:SAR 19 million
5-Pre-operation expenses:SAR 3.84 million.
Accordingly,the cement producer used SAR 212.79 million,or 178.82%of the total proceeds.
Source:
http://www.uaecement.com/newsDetail.aspx?id=1034
