SAIC says Deutsche Gulf Finance obtains SAMA initial approval on IPO in Tadawul

Logo of Saudi Advanced Industries Co. (SAIC)

Deutsche Gulf Finance Co., in which Saudi Advanced Industries (SAIC) owns 31.62% of the capital, obtained the initial approval of the Central Bank of Saudi Arabia (SAMA) to offer the company’s stocks in Tadawul, SAIC said in a bourse filling.

This approval is conditional on obtaining SAMA’s final no-objection and other relevant authorities’ approvals within a year from the date of approval, SAIC added.

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.

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