Al Hammadi Company for Development and Investment (Al Hammadi) has used SAR 585 million till the end of last year, out of the SAR 630 million in gross proceeds from its initial public offering (IPO), the company said in a statement to Tadawul on Thursday.
A total of SAR 158.3 million was spent on early settlement of one loan related to Al Hammadi Hospital Nuzha Branch.
The hospital was 95.5 percent complete by Dec. 31, 2016, compared to 45 percent stated in the prospectus.
An estimated cost of SAR 20 million was approved by the board to increase the hospital bed capacity, the statement said.
The expansion will push the completion date of the construction work and start of the test-run to H2 2017, instead of Q3 2015 as mentioned in the prospectus.
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