The subscription of “Al Sharq Pipes” .. allocating 10% of the shares of the offer to individuals

NCB Capital has announced the intention of East Integrated Pipes Company for Industry to offer 30% of its shares for an initial public offering and to list its common shares on the main market of Saudi Tadawul.

The company stated in a statement to “Tadawul” today, Monday, that it obtained financial market approval on September 29, 2021 to offer 6.3 million common shares from its 210 million riyal capital.

According to the statement, the final offering price will be determined for all subscribers at the end of the book creation period.

The company clarified that the number of shares assigned to the segment of the participating classes is equal to all the shares offered in measure equal to 100% of the total number of shares offered, which represent at least 90% of the offer.

The company has stated that the number and percentage of shares offered which will be allotted to participating classes will be determined by the financial advisor in consultation with the company and the selling shareholders.

The company specified that the individual subscribers will be assigned 10% of the shares object of the offer, equal to a maximum of 630,000 shares of the offer.

According to 2019 statistics, “Al-Sharq Pipes” accounts for nearly 50% of the market share of submerged helical arc welding pipes in Saudi Arabia.

Al Sharq Pipes merged with Wilson Pipe Coating Company on July 21, 2020 and the company now owns and operates 3 advanced and integrated factories located in the second industrial city of Dammam.

And the company continued: “Despite the decrease in earnings for the fiscal year ended March 31, 2021 to 147.8 million riyals, the company was in able to improve the gross profit margin to 24.6% compared to 20.2% the previous year. “

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