Eng. Ahmed Nasser Al-Suwaidan, chairman of Electrical Industries Co., appreciated the decision of the Capital Market Authority (CMA) to float 13.5 million shares, representing 30% of his company’s capital which reaches SAR 450 million, divided into 45 million common shares.
The issue price will be defined after completing the book building process which proceeds the subscription, Al-Suwaidan said.
Samba Capital will act as the financial advisor, lead manager, underwriter and book runner of this initial public offering (IPO).
The offering will run for seven days as of Tuesday, Nov. 11 and until Monday, Nov. 17. Al-Suwaidan said this IPO is aimed at helping the company undertake further expansions, achieve its future plans and pursue the accelerated development in several projects across the Kingdom.
Electrical Industries dominates a strong share in the local and regional electrical transformer market, the chairman said, indicating that the company’s sales of transformers represented 52% of the Kingdom’s transformer market.
The firm owns Saudi Transformers Co. and Wahah Electric Supply Co. of Saudi Arabia Ltd. (WESCOSA) which are leading companies in the manufacturing a wide range of electric distribution equipment.