Development Opportunities’ Co, EFC Conclude SR478.5mln Deal

In their position as bookrunners and brokers for Development Opportunities Trading Company, EFG Hermes and Saudi Fransi Capital completed an expedited book building procedure, to sell the whole stake of Developmental Opportunities Trading Company, in Theeb Rent a Car.

Total number of offered and sold shares reached 9,030,000, accounting for 21% of Theeb Rent-a-Car Company’s total shares.

The shares were sold to a group of institutional investors, in 19 separate transactions, at SR53 per share.

Such transaction has managed to secure as much as  SR478,590,000.

Following the transaction, Theeb’s free float proportion of the total stock grew to 63.45%, with the remaining 36.55%, held by other key shareholders.

The significant deal illustrates the effectiveness of expedited book building operations, as a very trustworthy method for institutional investors, desiring to reallocate their capital, in light of a capital market ongoing expansion, Salam Al-Khunaizi, CEO of Saudi Fransi Capital, highlighted.

Agreement concluded demonstrates the company’s strength as well as the strength of Saudi Arabia’s capital market, Mohamed Fahmy, co-head of EFG Hermes’ marketing and underwriting business, stressed.