Dec 29 2009 |
more articles from
|
Saudi IPOs 45 firms plan IPOs early next year
Riyadh: As many as 45 Saudi-listed companies have plans to launch initial public offerings (IPO) worth an estimated 40 billion Saudi riyals (Dh39.17 billion) early next year.Some 29 of these companies have completed all the necessary procedures, including final approval from the market regulator Saudi Capital Market Authority and procedures for the remainder are progressing well. Since mid-2008 a total of 47 companies had unveiled their plans to launch IPOs at a later stage.
Uncertain situation
Of these, 36 companies have not revealed when they will go public. This is mainly attributed to the uncertain global market situation. Only two companies
Buruj Cooperative Insurance Company (Buruj)
and Khaleejia Takaful Insurance completed their IPOs during the period.
Developers
Al Harfi plans to float 8.1 million shares (30 per cent) and the IPO was scheduled for January 11. Al Sari announced an IPO for 30 per cent of its shares (9 million shares) on February 1.
Most of the 45 companies which announced IPOs for January are from the construction sector. It was followed by the retail and cement sectors.
These companies have plans for the public sale of shares ranging between 20 per cent and 50 per cent.
They include those implementing some of the leading multi-billion-riyal economic city projects such as Prince Abdul Aziz Bin Musaed Economic City of Hail, Jizan Economic City and Knowledge Economic City of Madinah as well as the largest bank in the kingdom National Commercial Bank .
Largest Arab market
Companies planning IPO include
Najran Cement
, Jizan Refinery,
Water and Electricity Company of Jubail and Yanbu (Marafiq)
, Al Oqair,
MedGulf
, Al Afiya Oil, Total Recycling,
Al Bassami International Group
, ORIX Insurance Services, Al Khozami and Al Oujan.
It is noteworthy that there are more than 132 companies listed in the Saudi Capital Market, the largest in the Arab world, with a total capitalisation of over 1 trillion riyals.
The number of companies that launched IPO was the highest in 2007 while it was the lowest in 2008 due to the global economic meltdown.
By Abdul Rahman Shaheen
© Gulf News 2009
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment