Qualified investors start subscription to 600,000 shares of View United on Nomu

Logo of View United Real Estate Development Co.

Qualified investors start today, Nov. 19, subscription to 600,000 shares of View United Real Estate Development Co. on Nomu-Parallel Market.

The shares offered account for 18.18% of the company’s post-IPO capital, which stands at SAR 3.3 million and is divided into 3.3 million shares.

The company will issue 300,000 shares through a capital increase, while an additional 300,000 shares will be made available by existing shareholders.

The subscription period will run for seven days until Nov. 27.

The share sale of View United marks the 27th IPO on Nomu this year.

Nomu saw 19 IPOs last year, including Gas Arabian Services Co., Raoom Trading Co., Al-Jouf Mineral Water Bottling Co., Arabian International Healthcare Holding Co. (Tibbiyah), Arabian Food & Dairy Factories Co. (FADECO), Ladun Investment Co., Amwaj International Co., Saudi Networkers Services Co., International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), AlBabtain Food, Knowledge Tower, as well as Molan Steel Co., Saudi Top Trading Co., Leen Alkheir Trading Co., Nofoth Food Products Co., in addition to Alwaha REIT Fund.

The Capital Market Authority (CMA) approved in September the company’s application to offer shares on Nomu.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account, as well as clients of capital market institutions authorized to carry out management operations, provided that they are appointed under terms that enable them to take decisions related to accepting the participation in the share offering and investment in the parallel market on behalf of the clients without prior consent.

The categories include the Saudi government, any government body, any international entity approved by the CMA or the Saudi market, or any other financial market recognized by the CMA or the Securities Depository Center (Edaa).

They also include companies owned by the government, directly or through a portfolio managed by a market institution authorized to practice management operations; investment funds; in addition to companies and funds established in the GCC countries.

The investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest on Nomu; qualified foreign financial institutions; and any legal person entitled to open investment accounts inside the Kingdom and accounts with Edaa.

Natural persons are also among the qualified investors allowed to open investment accounts inside the Kingdom and accounts with Edaa, provided that they fulfil certain criteria.

They should have executed deals in the securities markets, at a total value of no less than SAR 40 million, and no less than 10 deals in each quarter during the past 12 months.

Natural persons should also have a net assets value of no less than SAR 5 million and be working or have worked for at least three years in the financial sector. They should hold a general certificate in securities dealing, approved by the CMA; and a professional certificate in the field of securities business, approved by an internationally recognized body.

The list of qualified investors also includes any other persons to be defined by the CMA.

Company Profile:

The company was established as a limited liability company in Riyadh in 2011. It then transformed into a closed joint stock company.

The company develops real estate units and villas directly and for third parties. It also leases residential and commercial properties.

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