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Cargo handling player SAL to float 30% of share capital on Tadawul

Cargo handling player SAL to float 30% of share capital on Tadawul
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Riyadh – Mubasher: Jeddah-headquartered supply chain solutions provider SAL Saudi Logistics Services Company announced, on 12 September, its intention to proceed with an initial public offering (IPO) to list 24 million ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

The offering volume represents 30% of SAL’s share capital, according to a press release.

SAL noted that the price at which all the offering’s subscribers will purchase the shares will be determined at the end of the book-building period.

On 6 June 2023, Tadawul gave its nod for SAL to trade on the main market, while the Capital Market Authority (CMA) approved the IPO application on 21 June this year.

Chairman of SAL, Fawaz bin Mohammed Al Fawaz, said: “Logistics sits at the heart of the Kingdom’s economic growth and transformation, supported by major government-led initiatives that aim to drive the sector, and country, forward. These include the National Industrial Development and Logistics Program, the National Transport and Logistics Strategy, and the recently announced Master Plan for Logistics Centres.”

Al Fawaz added: “Today, SAL is the Kingdom’s leading cargo handling player with growing operations across the logistics value chain; from cargo handling and logistics solutions, to passenger handling and fulfilment. The management team and I would like to express our gratitude to SAL’s shareholders and people, for their unwavering support in guiding the Company to where it is today, and their commitment to continue doing so in the future.”

As part of its growing business in the region, SAL entered into a cargo ground handling agreement with Emirates SkyCargo in 2021.

Managing Director and CEO of SAL, Faisal bin Saad Albedah, noted: “With today’s announcement of our intention-to-float 30% of the Company’s shares to the public, it gives me great pride to invite investors to join us on our mission of delivering impact every day, and in line with our vision of being the logistics champion for a globally connected Saudi Arabia. When you think logistics, think SAL.”