Cable manufacturer Riyadh Cables Group Company (RCGC) has confirmed it will proceed with its plans to launch an initial public offering (IPO) and list its shares on the Saudi Stock Exchange (Tadawul). 

In a statement, the Saudi firm said it will offer 33 million ordinary shares, representing 22% stake of its share capital of SAR1.5 billion ($399.2 million). Last October 17, the company obtained the approval of the Capital Market Authority on its application to list its shares. 

The company, which was established in 1984, is the largest power and communications cables maker in the Middle East, with a production capacity of 264,000 tonnes of metals. 

Its biggest market is Saudi Arabia, but it operates manufacturing facilities in the UAE and Iraq. The company is currently building a new facility in Kuwait. 

It has 23 distribution branches across the region, while subsidiaries are spread across the UAE, Kuwait, Oman, Qatar, Iraq and Egypt. It also has representative offices in Iraq and Jordan. 

(Writing by Cleofe Maceda; editing by Daniel Luiz)