Saudi Hardware unveils ambitious expansion plans

Saudi Company for Hardware (SACO) plans to embark on new growth as it aims to be one of the five largest retail companies in the region, according to Sameer Mohamed Al-Hamidi, executive president of the company.

As part of its future expansions, the company will open new branches in Hail and Jazan. It will also study the opportunity to open an additional branch in Taif, which will be added to its existing 23 branches.

Last week, SACO announced that it will go public by floating 30 percent of its shares (7.2 million shares) in the local stock market.  The IPO will take place between April 22 and April 28 once the book-building process is completed.