Riyadh – Mubasher: Dallah Healthcare Holding on Sunday announced the completion of 32% of Dallah Hospital-Namar project at the end of June, according to a bourse filing.
The Saudi-listed healthcare company announced the development of use of proceeds of its initial public offering (IPO) carried out in November 2012, where gross proceeds amounted to SAR 539.6 million and net proceeds reached SAR 513.1 million after deducting the IPO costs of SAR 26.5 million.
“The total cost of the project should represent 70.1% of the net IPO proceeds, while the actual amount paid for it represents 67.2% of the proceeds,” the statement said.
A total value of SAR 211.1 million was paid for engineering works, consultation, land survey and excavation digging and designs, while SAR 133.8 million was for purchasing a land in west Riyadh.
The hospital is projected to start operations in the third quarter of 2017. Works on excavations started in 6 March 2014.
