Saudi Arabian non-bank real estate finance company, Amlak International for Real Estate Finance has expressed its interest to proceed with an initial public offering (IPO) on the Main Market of the Saudi Stock Exchange (Tadawul).
The IPO will include a total of 27,180,000 ordinary shares which would represent 30 percent of the company’s share capital. The net proceeds of the offering will be given to the selling shareholders on a pro-rata basis.
The Capital Market Authority (CMA) had passed the firm’s application for the offering by issuing its resolution on 25 December 2019. The company has elected NCB Capital Company as a sole financial advisor, sole bookrunner, sole underwriter and lead manager in relation to the offer shares.
Mr. Abdullah Al-Howaish Chairman – Amlak International
“The announcement of our intention to list on Tadawul is a historic moment for the company, with the forthcoming IPO a testament to our commitment to future growth. Amlak International plays a leading role in Saudi Arabia’s burgeoning non-bank real estate financing industry, and has positioned itself to take full advantage of the opportunities that today’s market presents.”
Amlak International is a Saudi non-bank real estate finance company that was instituted in 2007 and subsequently licensed by the Saudi Arabian Monetary Authority in 2013 to provide Sharia-compliant real estate financing solutions to corporates, high-net-worth-individuals and individual clients.
