Follow-ups -eshrag News:
RIYADH: Saudi Home Loans Co., a pioneer in Islamic real estate financing, said it will proceed with an initial public offering of a 30-percent stake on the Saudi main index, TASI, despite the geopolitical tensions that rattled IPO markets globally.
Operating since 2007, SHL is 40-percent owned by Arab National Bank, the second-largest shareholder is Dar Al Arkan, with 15 percent of share capital.
The Riyadh-based company will allocate up to 30 million shares to participating entities, while individual investors will be allowed a maximum of 3 million shares, it said in a statement.
The offer price will be determined upon completion of the book-building period that will be led and managed by Riyad Capital.
This step aims to strengthen the company’s position in its field, “in a way that contributes to increasing its returns at a steady and balanced pace,” said CEO, Bandar Al-Ghamdi.
He added that listing will contribute to “boosting its leadership role in the real estate finance sector in the Kingdom of Saudi Arabia.”
Such a move by the Shariah-compliant real estate lending firm is the latest in the Kingdom’s IPO wave in a bid to enhance liquidity and scale its capital markets.
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