Al Hammadi Co. for Development and Investment said the soft opening of Al Hammadi Hospital Nuzha branch is expected to be delayed to the first quarter of 2016 instead of the third quarter of 2015, as the board decided in April to expand the capacity of the hospital to 600 beds from 428 at an additional cost of SAR 20 million
As of June 30, the hospital is 72 percent complete, beyond the set target of 45 percent, it added in a statement to Tadawul.
Meanwhile, the net proceeds from the initial public offering, which took place from June 11-17 last year, was SAR 605.3 million after deducting SAR 24.7 million for IPO expenses.
As of June 30, the company spent SAR 332.6 million out of the IPO proceeds, including SAR 158.3 million on early settlement of one of the loans related to the hospital.
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