Riyadh-Mubasher: Dallah Healthcare Holding Co. has used 49.8% of the SAR 513 million net proceeds recorded from its initial public offering (IPO) to finance the construction of a new hospital in Riyadh, the company said in a bourse statement.

A total of SAR 133.8 million went for the purchase of land for Dallah Hospital Namar project, and SAR 121.9 million was used to fund some needed services, including engineering work, consultations and land survey.

Moreover, the healthcare services provider paid SAR 39 million to acquire a pharmaceuticals and cosmetic factory.