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Sun 14 Jun 2020 09:52 AM

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Amlak announces intention to hold IPO on Saudi stock exchange

Amlak International is a Saudi non-bank real estate financing company

Amlak announces intention to hold IPO on Saudi stock exchange

Saudi real estate financing company Amlak International for Real Estate has announced plans to hold an initial public offering (IPO) on the Saudi stock exchange (Tadawul).

In a statement, Amlak said that the offering will comprise 27,180,000 ordinary shares, representing 30 percent of the company’s share capital.

The net proceeds of the IPO will be paid to the selling shareholders on a pro-rata basis.

The Capital Market Authority (CMA) issued an approval for the offering on December 25. Amlak has appointed NCB Capital as its sold financial advisor, bookwriter, underwriter and lead manager to the offer shares.

“The announcement of our intention to list on Tadawul is a historic moment for the company, with the forthcoming IPO a testament to our commitment to future growth,” said company chairman Abdullah Al Howaish.

“Amlak International plays a leading role in Saudi Arabia’s burgeoning non-bank real estate financing industry, and has positioned itself to take full advantage of the opportunities that today’s market presents,” he added.

Established in 2007, Amlak International is a Saudi non-bank real estate finance company licenced by the Saudi Arabian Monetary Authority in 2013 to provide Sharia-compliant real estate financing solutions.

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