CMA nods to SAL Saudi Logistics request to float 30% of capital

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) approved today, June 21, SAL Saudi Logistics Co.'s request to register and float 24 million shares, or 30% its capital, according to the CMA website.

The prospectus will be published within sufficient time prior to the start of the offering.

The CMA's approval should never be considered as a recommendation for the subscription. It merely means that the legal requirements as per the Capital Market Law and its Executive Regulations have been met.

The approval on the application will be valid for six months from the CMA resolution date. It will be deemed cancelled if the offering and listing are not completed within this period.

SAL was spin off from Saudia Cargo in December 2019. The company actively provides integrated logistics services and operates in all Saudi airports. SAL handles 99% of domestic and international air freight in the Kingdom.

In December 2022, the General Authority of Civil Aviation (GACA) licensed SAL to provide ground services at the Kingdom's airports. Under the license, SAL will provide ground services, baggage and freight handling, passenger services, and aircraft towing, as reported earlier by Argaam.

Managing Director and CEO of SAL, Faisal Al-Baddah, said that the license underpinned the company’s expertise, success and track record in the industry, in addition to its efforts to boost the sector’s role in the gross domestic product (GDP) in line with Saudi Vision 2030. 

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