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The Saudi Exchange today celebrated the listing of Arabian Contracting Services Company (Al Arabia) on Saudi Exchange’s Main Market. The ceremony was attended by Mohammed Al Rumaih, CEO of Saudi Exchange, Eng. Abdulelah Al Khereiji, Chairman of Arabian Contracting Services Co., and Mr. Mohammed Al Khereiji, CEO of the company, alongside board members of the company.
Marking the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange, 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. The listing of Al Arabia 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. This builds on the Exchange’s vision to elevate its position locally, regionally and internationally, as a lucrative destination for investors and issuers.
Al Arabia intends to float 15 million shares, representing 30% of its share capital. The issued shares were set at an offering price of SAR 100 per share. The subscription period concluded on 28 October 2021 with the institutional investor tranche oversubscribed by 126.6x, reaching a total of SAR 190 Billion, while retail investors subscribed to 1.5 Million shares of the offering, with a total coverage ratio of 14.8x, and total amounts raised exceeding SAR 2.2 Billion.
Al Arabia is a leading outdoor solution provider that was incepted in 1983. The Company offers clients advertising products, data driven solutions, and world-class services in line with international standards and the latest technologies.
