Riyadh – Mubasher: Almajed for Oud Company plans to proceed with an initial public offering (IPO) and the listing of its ordinary shares on the Saudi Exchange’s Main Market (Tadawul).

The Capital Market Authority (CMA) greenlighted the company’s IPO to offer 7.50 million shares, representing 30% of the total issued share capital, according to a press release.

Majed Ali Othman Al Majed, Chairman of Al Majed for Oud, said: “As we prepare to list on the Saudi Exchange, we are poised to begin a new chapter that integrates our rich legacy with innovation and strategic expansion.”

Waleed Al Majed, Managing Director and CEO of Al Majed for Oud, commented: “This step forward has been made possible by the support of our wise leadership, whose relentless efforts to advance the Saudi retail sector have played an instrumental role in our growth journey, in line with the Vision 2030.”

“This listing is driven by a strategic ambition to diversify our investor base and strengthen our business operations to accelerate our growth and expansion strategy both locally and internationally,” Al Majed continued.

He indicated: “We remain committed to delivering the highest quality of products to exceed customer expectations while maintaining transparency to enhance profitability and maximize shareholder value.”