By Asseel bin Talib

Riyadh-Mubasher: Saudi Co. for Hardware (SACO) is currently expanding the number of its local branches to provide its services to all Saudi cities, said CEO Sameer Al-Hamidi.  

He told Mubasher that his company has 23 branches in Saudi Arabia, with plans to open branches across the GCC.

The hardware retailing company is committed to a contract with ACE International which stipulates opening a branch in Bahrain no later than 31 December, the CEO said.

“We are expected to renew the contract, as we did previously,” he noted.

The company started trading Tuesday on the Saudi bourse’s retail sector with the symbol “4008”.

SACO’s initial public offering (IPO) was 620% oversubscribed, with total proceeds reaching SAR 1.25 billion, said HSBC Saudi Arabia, the share offering’s financial advisor, lead manager and underwriter.

Translated by Abdul Maguid Aboshahla