Dubai: Amlak International for Real Estate Finance Saudi Arabia’s leading non-bank real estate finance company, announces its intention to proceed with an initial public offering (IPO) on the Main Market of the Saudi Stock Exchange (Tadawul).
The offering will comprise 27,180,000 ordinary shares. The offer of shares represent 30 per cent of the company’s share capital, and the net proceeds of the offering will be paid to the selling shareholders on a pro-rata basis.
The Capital Market Authority (CMA) issued its resolution on 25 December 2019, approving the application for the offering. The sompany has appointed NCB Capital Company as sole financial advisor, sole bookrunner, sole underwriter and lead manager in relation to the offer shares.
“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," said Abdullah Al Howaish, Chairman of Amlak International.
Amlak International is a Saudi non-bank real estate finance company established in 2007 and 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.