IPO 264% Covered With Allocation and Refunds Announced Monday .Prince Alwaleed: "The Company's approach will always be based on a sharp and bold investment approach"
The management of Kingdom Holding Company (KHC) today said they were delighted by the response to the IPO which closed on Wednesday 4/7/1428H corresponding to 18 July 2007. Eisa Al Eisa, the managing director and CEO of Samba Financial Group, the financial advisor, lead manager and underwriter of the KHC IPO, announced the final results of the IPO which saw a total of 1,251,328 subscribers raise a total sum of SR 8,527,731,347. The IPO was 264% covered.
The allocation and refunds will be announced by Samba on Monday 9/7/1428H corresponding to 23/7/2007 after finalizing all technical operations and data auditing and consolidation.
Commenting on its successful IPO HRH Prince Alwaleed, Chairman of KHC commented: "I am very pleased that the response has been strong. The IPO marks the next stage of KHC's growth. The company' approach will always be based on a sharp, bold investment approach which will continue to be the foundation on which we build and develop KHC in the future. The management team and I take our responsibilities as a public company very seriously and will at all times be looking to maximize shareholder value and deliver the results expected of Saudi Arabia's number 1 company."
Eisa Al-Eisa, Samba Financial Group executive president commented: "The KHC IPO success is an indication of the trust in KHC's future and its uniquely strong management team. This success is a result of a great team work of all concerned parties. It is another exciting IPO for the Tadawul and another prestigious transaction conducted and advised by Samba. With large, mature stable companies such as KHC coming onto the Tadawul and the outlook for the Saudi market looks very encouraging. The economic fundamentals for Saudi's as economy remain sound and the stock market is broadening and deepening while investment sentiment and activities are maturing - the future of equities in this country is a very exciting prospect.
I would like to extend my appreciation and thanks to SAMA, the CMA, KHC and all receiving banks for their cooperation in making this IPO successful. I would also like to thank all the subscribers for supporting and subscribing to the IPO and for investors' awareness and response to the invitations of the IPO manager and the receiving banks."
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© Press Release 2007
