Riyadh – Mubasher: Umm Al Qura for Development and Construction Company, backed by the Public Investment Fund (PIF), plans to proceed with its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul).
The Saudi closed joint stock firm intends to list 130.78 million shares, representing 9.09% of its shares post a capital increase, according to a bourse statement.
The net proceeds of the IPO will be directed to fund costs associated with land settlements, infrastructure, activation of the MASAR destination and project financing expenditures.
The Capital Market Authority (CMA) greenlighted the company’s IPO on 24 December.
