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Saudi Arabia’s Hamad M. Aldrees & Partners Co. for Industry and Mining has secured approval from the kingdom’s Capital Market Authority to float 20% of its shares through an IPO on the country’s parallel market Nomu.
The company will offer 1.22 million shares in the float from a total of 6.1 million shares.
The offer is limited to qualified investors, with the CMA approval valid for six months before deemed cancelled if the company doesn’t list its shares within the timeframe.
Established in Saudi in 1995, the company deals in the production of silica sand and limestone.
(Writing by Bindu Rai, editing by Brinda Darasha)
