Coverage of the launch of “Group Five” in the Saudi market 1207%

Al-Dakhil Financial Group, in as financial advisor for the initial public offering of Group Five Saudi Pipes Company in the parallel market “Nomu”, announced the completion of the offer of 2.8 million ordinary shares equal to 10% of the company’s capital at a price of 35 riyal per share.

Al-Dakhil Financial said in a statement on “Saudi Tadawul” today, Monday, that the coverage ratio was 1207.77% of the total shares offered during the subscription period from Sunday November 14th to Thursday November 18th 2021.

Al-Dakhil Financial Group, in as financial advisor, he will complete the crisis procedures with the Saudi Tadawul Group “Tadawul”, then set the date for the listing of the shares of Saudi Group Five Pipes Company on the parallel market “Nomu”.

The company deals with the production, sale and marketing of pipes in spiral welded steel.Saudi Group Five Pipes Factory is regarded as one of the advanced factories in pipe manufacturing in steel in the Kingdom of Saudi Arabia and in the countries of the Gulf Cooperation Council, with a production capacity of 550,000 per year.

“Group Five” deals with a range of clients inside and outside the Kingdom, and the main clients are mostly Saudi institutions affiliated with government agencies or contractors in government projects, including the General Corporation, Saudi Aramco and the state-owned company.

The company said it intends to be one of the largest tube manufacturers in Middle Eastern steel, conforming to various standard international.

Group Five was formed as a mixed limited liability company in 2000, with a capital of 30 million riyals in Dammam, and subsequently increased its capital to 90 million riyals.

In 2020, the company increased its capital to 280 million riyals.

In 2021 Group Five has transformed in a closed joint stock company, with a capital of 280 million riyals, divided in 28 million ordinary shares, fully paid up.

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