SACO eyes local, GCC expansions: Chairman

Saudi Company for Hardware (SACO) has sights set on increasing the number of its branches across the kingdom and opening new ones in the GCC region, Alriyadh newspaper reported, citing chairman Samir Al Humaidi.

“We’re pressing ahead with our aggressive expansion plans in the retail sector,” Al Humaidi added.

SACO shares began trading on Tadawul under code 4008 on Tuesday, marking the second listing this year. 

Last month, the hardware retailer held an initial public offering (IPO), in which 30 percent of capital or 7.2 million shares were sold, individually priced at SAR 70 each.

SACO is currently one of the largest companies providing home improvement products in Saudi. It operates 23 stores in 12 cities across the country, including three SACO World superstores.