AlHammadi Company for Development and Investment announces the development of using of proceeds of its IPO that took place in 13-08-1435H to 19-08-1435H corresponding to 11-06-2014G to 17-06-2014G as follows:
1.IPO gross proceeds amounted to SAR 630 million.
2.IPO net proceeds amounted to SAR 605.3 million after deducting IPO expenses of SAR 24.7 million.
3.Total proceeds used for the period ended 31-12-2016G are SAR 585 million out of which SAR 158.3 million was used for early settlement of one loan related to AlHammadi Hospital Nuzha Branch (including SAR 55.5 million as mentioned in the prospectus).
4.AlHammadi Hospital Nuzha Branch percentage of completion is 95.5% as of 31-12-2016G compared to 45% as stated in the prospectus.
5.Payments against work in progress are as per the payment terms agreed with suppliers and do not necessarily reflect the percentage of completion of the project.
6.The project is progressing in accordance with the plan disclosed in the prospectus. However, the company would like to highlight that the shareholders at the Ordinary General Assembly Meeting, which took place on 15 April 2015, have approved a revised plan to increase AlHammadi Hospital Nuzha Branch planned beds capacity from 428 beds to 600 beds with an estimated additional cost of SAR 20 million, the Company expecting the completion of the construction work and commencing the test run during H1-2017 instead of Q3-2015 as mentioned in the prospectus as a result of increasing the hospital bed capacity.