Qualified investors start subscription to Pan Gulf’s 600,000 shares today

Logo of Pan Gulf Marketing Co. 

Qualified investors started today, Jan. 10, subscription to 600,000 shares of Pan Gulf Marketing Co. in its initial public offering (IPO) on Nomu-Parallel Market.

The offered shares represent 12% of the company's capital of SAR 50 million, divided into five million shares. The price range was set between SAR 51-59 per share.

The subscription period for qualified investors will run until Jan. 18.

This is the first IPO on Nomu this year.

The Capital Market Authority (CMA) approved, on Sep. 27, 2023, the company’s request to register and offer its shares in the parallel market.

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

Pan Gulf Marketing was established in Riyadh in 1985 as a limited liability company, which converted into a closed joint stock company in 2011.

The company's activities, according to its commercial register, include repairing typewriters and photocopiers, maintaining electrically powered hand tools and appliances, as well as repairing and maintaining of multi-use consumer machinery. This is in addition to the wholesale trade of textiles, footwear, household goods, accessories, stationery and other stationery, retail sale of camping equipment, trekking supplies, hunting tools, toys, bags, packaging equipment, cleaning materials, and sale of tools and plastics.

Pan Gulf Marketing is currently active in purchasing, importing and exporting stationery and office supplies stationery products.