Logo of Saudi Home Loans Co.
Saudi Home Loans Co. (SHL) will begin trading on the Saudi Exchange (Tadawul) today, April 20, under the banking sector, with the symbol 1183 and ISIN Code: SA15HG50IFH7.
The daily and static price fluctuation limits of +/-30% and +/-10%, respectively, will be applied during the first three days of the listing.
From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10% and the static price fluctuation limits will no longer apply.
This will be the seventh listing on the main market in 2022, following Elm Co., East Pipes Integrated Company for Industry, Scientific & Medical Equipment House Co., Al-Dawaa Medical Services Co., Nahdi Medical Company and Al Masane Al Kobra Mining Co. (AMAK).
Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. (March 1), Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), solutions (Sept. 30), International Company for Power and Water Projects (ACWA Power) (Oct. 11), Arabian Contracting Services Co. (Al Arabia) (Nov. 15), Nayifat Finance Co. (Nov. 22), Saudi Tadawul Group (Dec. 8) and Almunajem Foods Co. (Dec. 20).
SHL’s initial public offering (IPO) will bring the total number of Tadawul-listed companies to 198, excluding 17 REITs.
The company offered 30 million shares, or 30% of its capital, on the main market, at SAR 20 per share, of which 90% was allocated to institutional investors and 10% to individual investors, according to data available with Argaam.
The retail subscription to SHL shares was 2,644% oversubscribed. A total of 756,425 retail investors subscribed to shares at a total value of SAR 1.6 billion.
Each retail investor received a minimum of three shares, while the remaining shares will be allocated on a pro-rata basis, based on the demand size of every subscriber to total shares. Allotment ratio amounted to 0.94836%.
Company Profile
Established in 2007 and headquartered in Riyadh, SHL is a Saudi closed joint stock company, licensed by the Saudi Central Bank (SAMA) to conduct real estate financing in the Kingdom.
The company's current capital stands at SAR 1 billion, divided into 100 million shares of equal value.
Excluding the main headquarters in Riyadh, the company has two branches: One in Al Khobar, running as a marketing center under the license of the General Investment Authority. The other is in Jeddah, operating in real estate financing.
SHL is one of the leading Islamic real estate finance companies in the Saudi market, providing real estate finance solutions to the retail sector under the supervision of a Sharia control body of experts in the field of Islamic finance to ensure the legitimacy and compliance with Islamic law.
The company's main activity is to engage in real estate finance activity for individuals in accordance with the Companies Law, Finance Companies Control Law and its implementing regulations, as well as related regulations, rules and instructions issued by the competent authorities.
SHL carries out and covers the financing and purchasing of homes, residential lands and apartments in the Kingdom, funding of properties developed by companies working in the field of real estate development and bankrolling the establishment of commercial and industrial projects.
That is in addition to securing and managing the transferred assets of the owners and third parties as a security, while being entitled to sell and buy real estate for the financing purposes for which the company was established, except for those in Makkah and Madinah.
The company aims to boost its returns at a steady and balanced pace, which contributes to consolidating its position and leading role in the Kingdom's real estate finance sector.
SHL's future plans include developing products and services, building a large and stable customer base, developing risk management, digital transformation and increasing brand awareness.
Targeting the various segments of retail clients is also on the list. SHL provides funding for nationals and residents after they obtain required approvals from competent authorities.
SHL is working on rolling out the self-building product (retail and commercial finance), in addition to new products in 2022, such as Murabaha mortgage and land finance.
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Company Profile |
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|
Company |
Saudi Home Loans Co. |
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Market |
Tadawul |
|
Core Activities |
Housing and real estate finance |
|
Capital |
SAR 1 bln |
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Number of Shares |
100 mln shares |
Arab National Bank (ANB) will be the largest shareholder in SHL following the IPO, with a 28% stake, followed by Dar Al Arkan Real Estate Development with a 10.5% stake.
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Company Shareholders |
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Shareholders |
Before IPO |
After IPO |
||
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Number of shares (mln shares) |
Ownership (%) |
Number of shares (mln shares) |
Ownership (%) |
|
|
Arab National Bank |
40.00 |
40% |
28.00 |
28.0% |
|
Dar Al Arkan |
15.00 |
15% |
10.50 |
10.5% |
|
Kingdom Installment Co. |
9.00 |
9% |
6.30 |
6.3% |
|
Yousef Al Shelash |
8.00 |
8% |
5.60 |
5.6% |
|
Hathlool bin Saleh Al hathlool |
6.00 |
6% |
4.20 |
4.2% |
|
Tareq Mohammed Al Jarallah |
6.00 |
6% |
4.20 |
4.2% |
|
IFC |
5.00 |
5% |
3.50 |
3.5% |
|
Abulatif bin Abdullah al Shelash |
5.00 |
5% |
3.50 |
3.5% |
|
Inma Almadaen Co. |
4.00 |
4% |
2.80 |
2.8% |
|
Daem Al Khaleej Co. |
2.00 |
2% |
1.40 |
1.4% |
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Public |
-- |
-- |
30.00 |
30% |
|
Total |
100.00 |
100% |
100.00 |
100% |
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