Dallah says Namar Hospital to be ready by Q3 2017

16/10/2016 Argaam

Construction work on Namar Hospital, which is owned by Dallah Healthcare, is halfway complete, Dallah said in a statement to the Saudi bourse.

 

The hospital was 50 percent complete by September-end, and is set to be operational by Q3 2017.

 

On a separate note, Dallah said that SAR 360 million, or 70.1 percent of the total proceeds generated from its initial public offering (IPO) carried out in November 2012, should be utilized in constructing the West Riyadh hospital.

 

A total value of SAR 226 million from the proceeds also went for engineering works, consultation and land survey, while SAR 133.8 million went for purchasing a land plot in West Riyadh, it added.

 

Total net proceeds from the November 2012 IPO were SAR 513.1 million after the company subtracted SAR 26.5 million in costs. 

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