Saturday, Jan 14, 2012
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Takween Advanced Industries Co. has closed the book-building process for an initial public offering of 30% of its shares, which will be priced at 26 Saudi riyals ($6.93) apiece, Riyadh-based Al Jazirah daily reported Saturday.
Citing Morgan Stanley Saudi Arabia, the financial adviser for the share sale, the report said subscriptions by individual investors to the IPO would run from Jan. 16 to Jan. 22.
Subscriptions by institutional investors during the book building process covered the offered shares 2.3 times, Morgan Stanley said, according to the daily.
Newspaper website: http://www.al-jazirah.com/20120114/ec11d.htm
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
14-01-12 0821GMT
