Dallah Healthcare Services Company announced that it had fully utilised the SAR513mn net IPO proceeds. The establishment of the Hospital in West of Riyadh, Dallah Namar,  consumed SAR360mn of the IPO proceeds, the hospital is expected to commence commercial operations in 3Q17, which was 50% completed by end of September. As for the remaining 30%, i) SAR40mn were spent on purchase and renovation of a cosmetics plant; ii)SAR56mm represent a portion of the company’s contribution to cooperate with Dr. Mohamed Rashed Fakeeh in establishing a hospital East of Riyadh, and ii) SAR57mn represent a portion of the spending on renovating the surrounding area of Dallah Hospital. (Tadawul)   Dallah Healthcare: SAR79.30 as of 13 October 2016, Rating: Buy, FV: SAR103.00 per share, MCap: USD1,248mn, DALLAH AB / 4004.SE