Tadawul deposits Al Kathiri’s shares into subscriber portfolios

Tadawul Securities Depository Center has deposited Al Kathiri Holding shares into subscribers’ portfolios following allocation on a pro rata basis, it said in a statement to Tadawul website.  

The initial public offering (IPO) of Al Kathiri on the Nomu Parallel Market ended 251 percent oversubscribed on Tuesday. Shares were priced at SAR 31 each, while a total of 97 subscribers bought 819,000 shares at a total value of SAR 60 million.

The company offered 26.1 percent of capital, or 819,000 shares in an IPO that ran from May 30 to June 6, data compiled by Argaam showed.

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.