Saudi's Arabian Centres reveals $9.79mln proceeds from Amlak International IPO

ACC's proceeds represent 30% of its indirect ownership in Amlak International

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Arabian Centres Company (ACC) announced 36.72 million Saudi riyals ($9.79 million) in proceeds from the IPO of Amlak International.

Amlak International, the Saudi Arabian real estate financing firm, offered 30 percent of its shares on the Saudi Stock Exchange (Tadawul) at a price of 16 Saudi riyals per share. The IPO started on July 2, 2020 and was competed on July 5, 2020. (Read more here)

The Saudi shopping mall operator ACC’s proceeds represent 30 percent of its indirect ownership in Amlak International, ACC said in a statement on Tadawul.

ACC owned a total of 8.44 percent in the real estate financing firm’s capital before the IPO through two of its subsidiaries. ACC now owns 5.91 percent of Amlak International’s capital post the IPO.

The financial impact of the proceeds will appear on ACC’s financial statements for the period of Q2 ending September 30, 2020.

Part of the proceeds will be deducted as IPO fees, the shopping mall operator said.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com

#SAUDI #AMLAK #IPO

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

More From Equities