Albilad Capital says Lumi shares Sharia-compliant

Logo of Lumi Rental Co.

Albilad Capital said Lumi Rental Co.'s shares are Shariah-compliant, without a purification ratio, it said on the messaging platform 'X' (formerly Twitter).

 

Lumi announced a plan to sell 16.5 million shares, or 30% of its capital, to the public, Argaam earlier reported. The stake is offered by Seera Holding Group, which owns 100% of Lumi.

 

The book-building process started today and will end on Sept. 5. The final offer price will be announced on Sept. 7. Retail investors will subscribe to 10%, or 1.65 million, of the shares on offer for one day only starting Sept. 12.

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