Electric Industries Company concluded an agreement with SAMBA Capital and Al-Rajhi Capital for the first to be the lead underwriter of its IPO and the second to be the underwriting assistant.

 

SAMBA Capital has completed all necessary procedures for the IPO with the seven receiving banks; SAMBA Capital’s board chairman said in a press release obtained by Argaam.

 

According to Argaam; The Saudi Capital Market Authority approved a request by Electric Industries Co. to sell 13.5m shares or 30% of the company in an initial public offering from November 11 to 17. 50% of the shares will be allocated to institutions and 50% to authorized persons. 

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