Al Kathiri Holding issues prospectus for IPO on Nomu Market

Al Kathiri Holding Co. has issued a prospectus for its initial public offering (IPO) on the Nomu Parallel Market after obtaining approval from the Saudi market regulator.

The company plans to offer 26.1 percent of capital, or 819,000 shares, it said in a statement.

Last week, Al Kathiri obtained the approval from the Capital Market Authority (CMA) for the IPO that will run from May 30 to June 6, 2017.

Shares will be offered only to qualified investors.

Last April, the company’s board of directors approved to raise capital from SAR 27.3 million to SAR 31.4 million, after the IPO is completed.

The company’s ownership structure is divided between Mishal Alkathiri who owns a 72.4 percent stake, and others (27.5 percent).

The Saudi contractor reported net earnings of SAR 7.91 million in 2016, compared to SAR 7.78 million in a year earlier.

The company, which is capitalized at SAR 27.3 million, is engaged in the field of contracting, wholesale as well as retail sale of building materials.