SAIC says Albilad Capital to advise on subsidiary’s IPO on Tadawul

Logo of Saudi Advanced Industries Co. 

Saudi Advanced Industries Co. (SAIC) announced that 31.62%-owned subsidiary Deutsche Gulf Finance Co., has appointed Al Bilad Capital as a financial advisor for the offering on the Saudi Exchange's (Tadawul) main financial market in accordance with the applicable registration and listing rules, according to a statement to Tadawul.

The step comes as part of SAIC’s endeavors to encourage its associates to list their shares in the capital market whenever this is possible, to benefit from the positive impact of such a step on shareholders' equity and the company's financial position, the statement added.

Deutsche Gulf Finance obtained, on June 5, 2022, the initial approval of the Central Bank of Saudi Arabia (SAMA) to offer the company’s stocks in Tadawul, according to Argaam's data.