Saudi-based Arabian Contracting Services Company (Al Arabia), a leading outdoor solution provider, today (November 15) announced its successful listing on Saudi Exchange’s Main Market. 

 

It had offered 15 million shares (30% of share capital) at SR100 ($26.6) each, of which 90% were allocated for institutional investors and 10% to retail investors. 

 

Al Arabia said the institutional investor tranche was oversubscribed by 126.6 times, thus raising a total of SR190 billion ($24 billion), while retail investors subscribed to 1.5 million shares of the offering, with 14.8 times coverage ratio, and total amounts raised exceeding SR2.2 billion ($585 million).

 

Al Arabia is a leading outdoor solution provider that was incepted in 1983. It offers clients advertising products, data driven solutions, and world-class services in line with international standards and the latest technologies.

 

The Al Arabia listing was witnessed by Saudi Exchange CEO Mohammed Al Rumaih, Arabian Contracting Services Company Chairman Engineer Abdulelah Al Khereiji and CEO Mohammed Al Khereiji along with other board members of the company.

 

Speaking on the occasion, Al Rumaih said: "We are pleased to celebrate the listing of Al Arabia on the Main Market, as it takes an exciting next step in its growth journey. This listing increases the diversity of the companies listed on the Exchange’s platforms. This supports our aim to provide investors with a range of investment opportunities across all asset classes."

 

In alignment with the Financial Sector Development Program, Saudi Exchange is committed to working alongside related authorities to improve procedures and simplify requirements for companies looking to list in the Saudi Capital Market, stated the top official. 

 

This builds on the Exchange’s vision to elevate its position locally, regionally and internationally, as a lucrative destination for investors and issuers, he added.-TradeArabia News Service