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Electric Industries to complete book building Nov. 2

Electric Industries to complete book building Nov. 2
Tariq Al Tahini, chief executive of Electric Industries Co. (EIC), said his company will complete the book building on Sunday, Nov. 2.
The company will float 13.500.000 shares, representing 30% of its capital reaching SAR 450.000.000.
The book building started on Monday, Oct. 27, through which EIC offered a detailed presentation about its activities, future plans and strategic vision.
Al Tahini indicated that the firm managed to be a leader in manufacturing transformers and other electrical equipment in the local and regional markets.
He stressed that EIC is working according to plans based on studies about the local and regional markets.
The Capital Market Authority (CMA) had earlier given a nod to the company to float 13,500,000 shares representing 30% of the company’s share capital.
A portion of the offered shares will be allocated to mutual funds and authorized persons. The company's shares will be offered during the period from Nov. 11, 2014 to Nov. 17, 2014.