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MENAFN - 20/05/2014
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(MENAFN) The Capital Market Authority (CMA) has announced the approval of the initial public offering (IPO) of Al-Hammadi Company for Development and Investment, according to Arab News.

The company will issue 30 percent of Al-Hammadi's total share capital, while public subscribers will be able to subscribe after the institutional book building process.

Mohammed bin Saleh Al-Hammadi, CEO of Al-Hammadi Company for Development and Investment, said: "The majority of the proceeds from the IPO will be used to finance the completion of Al-Nuzha Hospital, our third hospital in Riyadh, which will strengthen our footprint and enable us to serve the growing demand for health care services in the largest city in the Kingdom."

He added: "The IPO of Al-Hammadi will be a major milestone in the company's long and exciting journey and will provide us with the opportunity to significantly develop and expand our health care services as well as providing a platform to continue the leadership in the health care sector that Al-Hammadi has shown throughout the history of the company."

 


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