FINANCIAL NEWS

Al Jouf Cement plans $173m IPO in Saudi Arabia

18 Jul 2010

(MENAFN) Al Jouf Cement has announced plans to raise $173.3 million by selling new and existing shares to the Saudi public, with over half of the proceeds going to the founders of the firm which started operations in May, Reuters reported.

Over the July 19-25 period, Al Jouf will offer Saudi investors 27.9 million new shares and 37.1 million existing shares at $2.67 each to raise the total number of its shares to 130 million, the listing prospectus showed.

About 55.5 percent of the IPO’s proceeds will go to founding shareholders who include at least one member of the Saudi royal family and other investors such as KSB Capital Group, which is also acting as the financial adviser for the listing.

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