Home Business End of individual subscription to 3.3 million shares of “Riyadh Cables” offering…...

End of individual subscription to 3.3 million shares of “Riyadh Cables” offering… today

Today, Monday, the individual subscription period of 3.3 million shares of Riyadh Cables Group Company ends, equal to 10% of the total shares offered, at a price of 43 riyals, determined through the book-building.

The institutional underwriting concluded last week, in as the offer was covered by 71.8 times the total shares offered.

The subscription of Riyadh Cables Group is the sixteenth subscription recorded by the major market during the year 2022, while the Saudi market recorded nine subscriptions during the past year.

On October 17, the Saudi Capital Market Authority approved Riyadh Cables Group’s bid application in public subscription 22% of its shares, equivalent to 33 million shares.

Interestingly, “Riyadh Cables” was established as a limited liability company in 1984 in the city of Riyadh, and later transformed into in a public company closed in 2014.

The current capital of the company is 1.5 billion riyals, divided in 150 million shares.

The main activity of the company is represented in the production, marketing and sale of cables, electrical cables, connectors for antennas and optical fibers, as well as electrical contracting projects for high voltage cables.

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