SAIC affiliate names Falcom as financial advisor for IPO on Nomu

Saudi Advanced Industries Co.’s (SAIC) 40%-owned affiliate, Obeikan Glass Co., appointed Falcom Financial Service Co. as a financial advisor for its initial public offering (IPO) in the Nomu Parallel Market, in accordance with the rules of registration and listing.

The step is part of SAIC’s aim to push associate companies to list shares in the financial market as it has a positive impact on shareholders' equity and the company's financial position, SAIC said in a bourse statement.

Obeikan Glass was established in 2007 as a closed joint-stock company. Its main activity is manufacturing of float glass with a production capacity up to 292,000 tons per year. In addition, it attends to wholesale and retail of all types of glass and raw materials for manufacturing glass, accessories and others.

In February 2019, SAIC announced the approval from the extraordinary general assembly of Obeikan Glass Co. to increase its capital from SAR 200 million to SAR 240 million.