BUSINESS | Saudi Arabia’s Amlak International Announces Intention To Float

RIYADH | SAUDI ARABIA – Saudi Arabia’s Amlak International for Real Estate Finance will proceed with an initial public offering of 30% of its shares on the Riyadh exchange, it said in a statement.

Amlak, a real estate financing company with assets of around 3.1. billion riyals ($826 million), said the final offer price would be announced on June 30 following a book – building process which start on June 22.

Saudi Arabia’s NCB Capital is the sole financial advisor, bookrunner, underwriter and lead manager for the deal, which will have two tranchers, to retail and institutional investors.

Major shareholders will be subject to a six month lock-up period. Amlak’s shareholders include the Saudi Investment Bank and Amlak Finance, a Dubai-based Islamic mortgage company.

‘Driven by population growth and supportive government policy, housing demand in the kingdom is expected to increase 188,000 units per year until 2021, increasing to 203,000 per year from 2022-2025, and to 219,000 per year from 2026-2029’, the company said.

The kingdom is encouraging more companies to list in a bid to deepen capital markets as part of economic reforms aimed at reducing reliance on oil revenues.

Saudi retailer BinDawood Groop is working on a plan to go public this quarter, two sources told Reuters last week.

The group, which owns the Danube and BinDawood supermarket brands, has hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIP to organize the deal, the sources said, with Moelis & Co as a financial adviser.


BREAKING NEWS | Twitter Accounts Of Joe Biden, Elon Musk, Bill Gates, Apple And Others Apparently Hacked

Twitter account belonging to Joe Biden, Bill Gates, Elon Musk and Apple, among other prominent handles, were compromised on Wednesday and posted tweets that appeared to promote a cryptocurrency scam. The accounts, along with those of former President Barack Obama, Kanye West, Warren Buffett, Jeff Bezzos and Mike Bloomberg, posted similar tweets soliciting donations via … Continue reading BREAKING NEWS | Twitter Accounts Of Joe Biden, Elon Musk, Bill Gates, Apple And Others Apparently Hacked

NEWS ALERT | Seven Ships Catch Fire At Iranian Port – Tasnim Agency

DUBAI – At least seven ships have caught fire at the Iranian  port of Bushehr, the Tasnim news agency reported on Wednesday, in what appeared to be the latest in a series of unexplained incidents around nuclear and industrial installations since late June. No casualties have been reported, the agency said. There have been several … Continue reading NEWS ALERT | Seven Ships Catch Fire At Iranian Port – Tasnim Agency

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