Saudi Stock Exchange Celebrate Arabian Contracting Services Co., Listing

The Saudi Stock Exchange celebrated the listing of Arabian Contracting Services Company (Al Arabia) on the main market Tadawul.

The ceremony was attended by Mohammed Al Rumaih, CEO of Saudi Exchange, Eng. Abdulelah Al Khereiji, Chairman of Arabian Contracting Services Co., and Mohammed Al Khereiji, CEO of the company, alongside board members of the company.

 “We are pleased to celebrate the listing of Al Arabia on the main market, as it takes an exciting next step in its growth journey.

The listing of Al Arabia increases the diversity of the companies listed on the Exchange’s platforms. This supports our aim to provide investors with a range of investment opportunities across all asset classes,” Marking the occasion, Mohammed Al-Rumaih, CEO of Saudi Exchange, said.

In alignment with the Financial Sector Development Program, Saudi Exchange is committed to working alongside related authorities to improve procedures and simplify requirements for companies looking to list on the Saudi Capital Market.

This builds on the Exchange’s vision to elevate its position locally, regionally and internationally, as a lucrative destination for investors and issuers.

Al Arabia intends to float as much as 15 million shares, representing 30% of its shares capital.

The issued shares were set at an offering price of SR100 per share.

Subscription period concluded on 28 October 2021 with the institutional investor tranche oversubscribed by 126.6x, reaching a total of SR190 billion, while retail investors subscribed to1.5  million shares of the offering, with a total coverage ratio of 14.8x, and total amounts raised exceeding SR2.2 billion.

Al Arabia is a leading outdoor solution provider that was incepted in 1983.

The Company offers clients advertising products, data driven solutions, and world-class services in line with international standards and the latest technologies.