Bandar Al-Buhairi, CEO of Abdullah Al-Othaim Investment Company, said that the company has submitted the initial public offering file through the Saudi Fransi Capital financial advisor since the end of 2024, and is now in the process of updating the offering file.
In statements to Al-Sharq TV, Al-Buhairi expected the approval of the Capital Market Authority and the Saudi Exchange to be issued for the company's offering during the current year, and that the offering will take place within 6 months of approval.
He pointed out that the bulk of the proceeds of the subscription will be injected into the company to finance projects, adding that the credit facilities recently obtained by the company worth 3.1 billion riyals from the Saudi National Bank, aim to finance its expansion projects.
He pointed out that the company has a strategic plan to expand its multiple activities, and the projects that the company is working on amount to 17 projects with multiple uses, part residential, part malls, part hotels and the rest of the company's activities.
He explained that the process of searching for and attracting brands continues, as the company targets strong, distinctive and successful brands.
According to data available on Argaam, in March 2022, the Capital Market Authority approved Othaim Investment Company's request to offer 30 million shares of its shares, which constitute 30% of its capital of one billion riyals, (100 million shares), and in May of the same year, the company announced the prospectus for the offering.
In June 2022, the company decided to cancel the initial public offering of 30% of its capital and attributed this to the purpose of choosing the next appropriate opportunity to offer and list its shares.
In October 2023, the company signed an agreement with Saudi Fransi Capital under which it will assume the functions of financial advisor, book-building manager, subscription manager and underwriter to offer part of the company's shares for public subscription and list its shares on the main market of the Saudi Exchange.
In September 2022, the General Assembly of Abdullah Al-Othaim Markets Company approved the sale of the company's 13.65 million shares in the capital of Abdullah Al-Othaim Investment Company with a total value of SAR 846.5 million.
