May 10, 2017

AL HAMMADI COMPANY FOR DEVELOPMENT AND INVESTMENT ANNOUNCES THE DEVELOPMENT OF USE OF IPO PROCEEDS

Al Hammadi Company for Development and Investment announces the development of use 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 March 2017 are SAR 605.3 million out of which SAR 158.3 millions were used for early settlement of one loan related to Al Hammadi Hospital Nuzha Branch (including SAR 55.5 million as mentioned in the prospectus).
4. AlHammadi Hospital Nuzha Branch percentage of completion is 100% as of 31 March 2017 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. There is no remaining balance of the IPO proceeds by the end of Q1 2017.