Riyadh - Mubasher: Saleh Abdulaziz Al Rashed and Sons Company (SAR) plans to proceed with an initial public offering (IPO) to list 5.58 million ordinary shares on the Saudi Exchange (Tadawul).
The company aims to float 30% of its SAR 186 million issued share capital, according to a press release.
Net proceeds will be distributed to the current shareholders on a pro rata basis after deduction of offering expenses.
On 22 September, the Capital Market Authority (CMA) passed the group’s IPO, while Tadawul granted its approval last June.
SAR is a key Saudi provider of integrated construction materials, mining, and industrial spare-parts solutions.
