Dallah Healthcare details spending of its SAR 539.6 million proceeds of its IPO

Dallah Healthcare Holding Co., which operates, manages and maintains health complexes, said that the net proceeds of its November 2012 initial public offering, after discounting the cost of IPO, is SAR 513.1 million.

Here is a breakdown of the proceeds spending as of Sept 2014:

SAR 38 million spent on the acquisition of Pharmaceuticals, Herbal and Cosmetics factory.

SAR 133.8 million on buying land in west of Riyadh.

SAR 13.7 million on construction and engineering work of the hospital project.

Up to 70 percent of the proceeds will be spent on building a hospital. So far, up to 29 percent of the IPO’s proceeds were spent on the project.

The hospital  project started in the 1st quarter of 2014 instead of the 1st quarter of 2013. The trial operation of the hospital is expected to begin in the 2nd quarter of 2016, instead of the 4th quarter of 2015.