Riyadh - Mubasher: Consolidated Grünenfelder Saady Holding Company (CGS) plans to proceed with its initial public offering (IPO) and list its shares on the Main Market of the Saudi Exchange (Tadawul).

In June, the Capital Market Authority (CMA) approved the company’s request to float 30 million ordinary shares, accounting for 30% of its issued share capital.

The listing will be through the sale of existing shares by the current shareholders, Darat Esmat bin Abdul-Samad Al Saady Holding Company and GK Grünenfelder International AG.

Meanwhile, the final offer price will be determined at the end of the book-building process.

The group is a market leader in cold chain technology, providing high-quality and innovative cold chain solutions, with a particular focus on advanced refrigeration, refrigerated transport solutions, specialized mobile units and design/manufacturing of complex units in the Kingdom.

Sinan Al Saady, Chairman of CGS, said: “An IPO will accelerate our ability to support Saudi Arabia’s Vision 2030 by strengthening food security, advancing healthcare logistics, and supporting sustainable industrial growth. We remain committed to delivering long-term value to our shareholders and playing an integral role in the Kingdom’s economic transformation." 

Peter Faerber, Group CEO of CGS, commented: “The decision to proceed with an IPO is a pivotal moment in the Company’s history and will allow us to expand our business whilst offering a greater number of shareholders the opportunity to share in our future success.”