Al Hammadi spends SAR 605 mln of IPO proceeds by Q1-end

10/05/2017 Argaam

Al Hammadi Company for Development and Investment has used SAR 605.3 million of the SAR 630 million in gross proceeds generated from its initial public offering (IPO) as of Q1-2017, the company said in a statement to Tadawul on Thursday.

 

A total of SAR 158.3 million was spent on early repayment of a loan related to Al Hammadi Hospital Nozha Branch, which completed ahead of the original schedule set out in the IPO prospectus.

 

The offering costs stood at SAR 24.7 million, while net proceeds amounted to SAR 605.3 million. 

 

No proceeds remained by the end of the first quarter, the statement added. 

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