By Assil bin Talib
Riyadh-Mubasher: Al Watania for Industries Co (WFI) plans to offer portion of its capital to public subscription, said CEO Ibrahim Behairi.
He told Mubasher that Chairman Sulaiman Al Rajhi had earlier approved to convert WFI from a closed joint stock company to a public joint stock company listed on the Saudi bourse.
Behairi expected his company to float 30% of capital, noting that the listing aims to boost transparency and governance.
FY15 earnings rose 12% over the figure recorded in 2014, the CEO said.
He added that WFI has several customers such as SABIC, Almarai, Nadec, Shell and Petromin, noting WFI's crude purchases from SABIC are estimated at more than SAR 350 million. "We also supply SABIC with end products worth nearly SAR 30 million."
WFI is a Saudi closed joint stock company operating with nearly SAR 800 million in capital. It is ranked among the largest 25 Saudi companies.
Translated by Abdul Maguid Aboshahla