Dallah says Namar Hospital total cost to be 70% of IPO proceeds

 Dallah Healthcare Holding said the total cost of the under-construction Namar Hospital in West Riyadh area would represent 70 percent of the proceeds from the initial public offering (IPO) the company made in November 2012.

It spent SAR 133.8 million on buying land in west Riyadh, and SAR 39.5 million on engineering works, land survey and excavation digging and designs on the hospital being built on that land, the healthcare company said in a statement to Tadawul on Wednesday.

The hospital is expected to start operations in the third quarter of 2017, it said.

Dallah said proceeds from the IPO amounted to SAR 513.1 million after deducting costs which came to SAR 26.5 million.

The company said it has spent SAR 38 million from the proceeds to buy Pharmaceuticals, Herbal and Cosmetics factory, while SAR 35.5 million was paid for the subscription in Dr. Mohamed Alfaqeeh Co.

Namar Hospital – (Western Riyadh)