Logo of Munawla Cargo Co.
Qualified investors start today, Aug. 27, subscription to 200,000 shares of Munawla Cargo Co. in its planned initial public offering (IPO) on Nomu-Parallel Market at SAR 110 a share.
The offered shares represent 20% of the company's post-IPO capital of SAR 10 million, divided into 1 million shares.
The subscription period will run until Aug. 31.
With Munawla’s IPO, offerings on Nomu would reach 17 in 2023, following WAJA Co. on Feb. 12, Bena Steel Industries Co. and KnowledgeNet Co. (Feb. 26), Horizon Food Co. (March 5), Ghida Al-Sultan and Foods Gate Co. (March 12), Saudi Lime Industries Co. and Meyar Co. (March 19), Almuneef Company for Trade (May 14), Tam Development Co. (May 21) as well as Saudi Call Trading Co. and Al Razi Medical Co. (June 4), Abdul Aziz Al-Twaijri Trading Co. (June 11), Professional Medical Expertise Co. (ProMedEx) (July 9), Marble Design Co. (July 23) and Dar Almarkabah for Renting Cars Co. (Aug. 13).
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. (SNS), International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food), Knowledge Tower Trading Co., Molan Steel Co., Saudi Top Trading Co., Leen Alkhair Trading Co., Nofoth Food Products Co. and Alwaha REIT Fund.
On June 21, the Capital Market Authority (CMA) approved the company’s application to float 20% of its capital on Nomu, according to data available with Argaam.
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.
This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
The categories include the Saudi government, any government body or 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.
Investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest in Nomu, qualified foreign financial institutions and any legal person entitled to open investment accounts inside the Kingdom and with Edaa.
Natural persons are also among the qualified investors allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria.
They should have executed transactions in the securities markets worth a total of no less than SAR 40 million, and at least 10 deals in each quarter during the past 12 months.
Natural persons should also have a net asset 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 includes any other persons to be defined by the CMA.
Company Profile
Established as a limited liability company in 1997, Munawla Cargo currently operates as a closed joint stock firm. Based in Dammam, the company specializes in freight services of all kinds.
Munawla Cargo's actual activity involves sea and land transport and shipping services, in addition to its air freight and logistical business.
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Company Profile |
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Company |
Munawla Cargo Co. |
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Market |
Nomu-Parallel Market |
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Core Activities |
Shipping services |
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Capital |
SAR 10 mln |
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Offer Details |
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Issue Percentage |
20% |
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Offered Shares |
200,000 |
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IPO Minimum Limit |
10 shares |
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IPO Maximum Limit |
49,990 Shares |
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Offering Period |
Aug. 27-31, 2023 (Including the closing day) |
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Final Allocation |
Sept. 5, 2023 |
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Surplus Refunds (if any) |
Sept. 7, 2023 |
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Company Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (‘000 shares) |
Ownership% |
Number of Shares (‘000 shares) |
Ownership% |
|
|
Khalid Al-Suqair |
492.0 |
49.20% |
392.0 |
39.20% |
|
Ali Al-Habdan |
476.0 |
47.60% |
376.0 |
37.60% |
|
Public |
32.0 |
3.20% |
32.0 |
3.20% |
|
Qualified Investors |
-- |
-- |
200.0 |
20.00% |
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Total |
1000.0 |
100% |
1000.0 |
100% |
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Additional Information |
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Financial Advisor |
Watheeq Capital |
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Lead Manager |
Derayah Financial |
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