National Medical Care Co. Announces the Developments Regarding the Use of Proceeds from its IPO

National Medical Care Company announces the developments regarding the use of proceeds from its IPO which was held during 04-02-2013 to 10-02-2013 as following:
1.Actual used for proceeds from the IPO shares subscription until end of the period 31/12/2013 compared with what was declared in IPO prospectus : actual used amount was SR 84.5m or 50.6% from the net of used of proceed which has been calculated at SR 167m after deduction of the IPO related expenses SR 15.2m. Thus, the used of proceed can be summarized as follows:
A- SR 78.4m spent as part of construction, part of equipment, and part of furniture cost for the new building and other related cost to National hospital expansion project.
B- SR 5.7m represent amount paid against construction work of Family Health Care Center project.
C- SR 0.4m paid against construction work of Head Office building project.
2. Details and projects progress percentage compared with what was declared in IPO prospectus : Achieved about 100% of construction beside 28% has been announced in the IPO prospectus, and about 95% completed construction for Family Health Care Center compare to 41.1% has been announced in the IPO prospectus, as well, Head Office building project has been completed.
3. Payments schedule against work progress, equipment, and furniture are not necessarily reflect same percentage of work progress.