Saudi Hospital Operator Claws Back Dividends During IPO Process

Specialized Medical Co., which operates hospitals in Saudi Arabia, is set to close the institutional books for its initial public offering after existing shareholders agreed to return recently paid dividends and the company issued a revised prospectus.

The dividends, totaling 200 million riyals ($53 million), will be returned to the company by the end of June, SMC said in a second prospectus issued on May 25. The firm also announced a reset of the institutional order book, and held a call with investors two days later.