Saudi Arabia is set to see the launch of one more initial public offer (IPO), with United Carton Industries Company (UCIC) getting the green signal from the country’s market regulator, Capital Market Authority (CMA), for its proposed issue.
United Carton Industries, a domestic cardboard packaging producer, plans to offer 12 million shares, representing 30 per cent of its share capital.
Established in 1990, UCIC operates five plants to produce corrugated boxes to cater to the packaging needs of businesses.
The company’s annual capacity is pegged at 420,000 tonnes.
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