Latest news with #MASAR
Argaam
05-03-2025
- Business
- Argaam
Retail subscription to 13.08M UQDC shares starts on TASI today
Umm Al Qura for Development and Construction Co. (UQDC) launches today, March 5, a retail offering for 13.08 million shares on the Main Market (TASI) at SAR 15 each, as determined by the book-building process. The shares allocated to individual subscribers represent 10% of total shares offered for public subscription. For More IPOs The subscription period continues for three days until March 9. In Dec. 23, 2024, the Capital Market Authority (CMA) approved the company's application to list and offer 130.79 million shares on TASI, representing 9.09% of its capital. Institutional offering ended last week, with a coverage ratio of 241 times. UQDC will allocate 8.88 million shares, representing 0.62% of its post-IPO capital, to Takatuf Holding Group as a cornerstone investor. MASAR's developer will be the third to list on TASI this year following Derayah Financial and Arabian Company for Agricultural & Industrial Investments' (Entaj) IPO on Feb. 20. and Feb. 26, respectively. Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24. Company info UQDC is a closed joint-stock company in Saudi Arabia, established in 2012 by royal decree. It develops real estate assets along King Abdulaziz Road in Makkah, acquiring, managing, investing in, selling, and leasing properties under "Masar" brand. The company's activities include land acquisition, sales, subdivision, off-plan sales, and property management. It also handles residential and commercial construction, including schools, hospitals, hotels, roads, bridges, and tunnels. UQDC's pre-IPO capital stands at SAR 13.08 billion, divided into 1.31 billion shares at SAR 10 per share. Following the offering, capital will rise to SAR 14.39 billion with 1.44 billion shares. MASAR MASAR is one of the region's largest urban redevelopment projects, located in western Makkah. It spans 3.65 km from the Third Ring Road and Umm Al-Qura Road to Jabal Omar, covering 1.25 million square meters across 205 land plots. The net built-up area is 460,900 square meters, excluding roads, open spaces, and service areas. As of November 2024, 99.77% of core infrastructure work was complete, with full completion expected in H1 2025. According to the prospectus, MASAR will include residential apartments, serviced apartments, hotels, retail centers, healthcare facilities, and office spaces. The table below shows the percentage of each asset type within MASAR's investment land: MASAR Assets Type Percentage of Investment Land Plots Area ('000 sqm) Serviced Apartments 28.8% 59 184.8 Hotels 26.3% 54 168.5 Residential Units 29.6% 66 189.4 Retail Centers 13.3% 22 85.0 Healthcare Facilities 2.1% 4 13.2 Total 100% 205 640.9 With core infrastructure nearing completion, the development strategy focuses on four areas. The company will develop and retain 28% of investment land, either directly or through joint ventures, while 4% will be developed and sold. Additionally, 14% will be leased, and 54% will be sold. Superstructure development began in 2022 for select self-developed plots and is set to finish by 2026. The full MASAR Destination project is expected to complete by 2039. Company Profile Company Umm Al-Qura for Development & Construction Co. Core Activities Real estate development and construction, The company owns MASAR Destination project. Pre-IPO Capital SAR 13.08 bln Post-IPO Capital SAR 14.39 bln Number of Shares before IPO 1.31 bln Number of shares after IPO 1.44 bln Share Par Value SAR 10 Retail IPO Summary Issue Percentage 9.09% after increase (10% before increase) Price SAR 15 Number of offered shares 13.08 mln Eligible Subscribers Individual investors Minimum subscription limit 10 shares Maximum subscription limit 2.5 mln shares Offer period March 5-9, 2025 Final Allocation March 13, 2025 Refund (if any) March 16, 2025 Company Shareholders Shareholders Before IPO After IPO Number of Shares (mln shares) Ownership (%) Number of Shares (mln shares) Ownership (%) General Organization for Social Insurance 345.98 26.45% 345.98 24.05% Public Investment Fund 282.30 21.59% 282.30 19.62% Dallah Al-Baraka Holding Co. 103.11 7.88% 103.11 7.17% Abdullah bin Saleh bin Abdullah Kamel* 56.30 4.30% 56.30 3.91% Real Estate Development and Development Co.* 53.22 4.07% 53.22 3.70% Dallah Trans Arabia Co.* 43.00 3.29% 43.00 2.99% Mabahij Al Arabiya for Real Estate Development Co. Limited 38.78 2.97% 38.78 2.70% Al Mawajid International for Real Estate Development Co. Limited* 13.37 1.02% 13.37 0.93% Muhiuddin bin Saleh bin Abdullah Kamel* 12.19 0.93% 12.19 0.85% Abdullah Mohammed Abdo Abdullah Yamani* 10.20 0.78% 10.20 0.71% Dallah Al Baraka Investment Holding Co.* 0.40 0.03% 0.40 0.028% Yasser Abdulaziz Mohammed Abu Atiq 0.10 0.01% 0.10 0.007% Current shareholders classified as the public 348.90 26.68% 348.90 24.25% Public - -- 130.79 9.09% Total 1307.86 100% 1438.67 100% *Shareholders acting by agreement
Zawya
27-02-2025
- Business
- Zawya
UMM AL QURA for development and construction announces final iffer price
MAKKAH, Saudi Arabia – Umm Al Qura for Development and Construction ('Umm Al Qura', the 'Company' or the 'Issuer'), the owner, developer and operator of MASAR Destination ('the Project' or 'MASAR') – one of the largest redevelopment projects in Makkah, today announces the successful completion of the book-building process for participating entities and the Final Offer Price ('Final Offer Price') for the Company's Initial Public Offering ('IPO' or the 'Offering'). The Final Offer Price has been set at SAR 15 per share, which is the top end of the previously announced price range for the IPO, implying a market capitalization of approximately SAR 21.58 billion (approximately USD 5.75 billion) at listing. The institutional offering was approximately 241 times oversubscribed, with total orders amounting to approximately SAR 473 billion (approximately USD 126 billion) from local and international investors. The retail subscription period will last for five calendar days, commencing on Wednesday, 05 March 2025G and ending on Sunday, 09 March 2025G at 11:59 pm Saudi Arabia Standard Time. Yasser Abdulaziz Abu Ateek, CEO of Umm Al Qura, said: "We are extremely pleased with the strong investor demand for our IPO, which underscores the market's confidence in Umm Al Qura's vision and the transformative potential of MASAR. As we take this important step, we remain committed to delivering on our mission to enhance Makkah's urban landscape, in alignment with Vision 2030, and provide long term value for our shareholders.' For more information about the IPO and the final prospectus, visit the Company's IPO website: HIGHLIGHTS OF THE OFFERING The CMA and Saudi Exchange approvals have been obtained for the Offering and listing as outlined below. The Company's substantial shareholders and the shareholders acting in concert will be subject to a lock-up period of 6 months, which will begin from commencement of trading of the shares on the Saudi Exchange. The shares will be listed and traded on the Main Market of the Saudi Exchange following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange. The Offering shall be restricted to the two following groups of investors: Tranche (A): Participating Parties: This tranche comprises investors eligible to participate in the book-building process in accordance with the Instructions for Book-Building Process and Allocation Method in Initial Public Offerings, as issued by the Capital Market Authority, including investment funds, companies. These parties include investment funds, qualified foreign companies and institutions, GCC corporate investors and other foreign investors under swap agreements (said investors shall be collectively referred to as the 'Participating Parties' and each as a 'Participating Party'). The number of Offer Shares to be provisionally allocated to the Participating Parties effectively participating in the book-building process is 130,786,142 Offer Shares, representing 100% of the Offer Shares. In the event there is sufficient demand by Individual Investors (as defined under Tranche (B) below), the Lead Manager, in coordination with the Company, shall have the right to reduce the number of Offer Shares allocated to Participating Parties to a minimum of 117,707,528 Offer Shares, representing 90% of the Offer Shares. Final allocation of the Offer Shares to the Participating Parties will be made through the Joint Financial Advisors following subscription by Individual Investors, as the Joint Financial Advisors deem appropriate in coordination with the Issuer, using the discretionary share allocation mechanism. Tranche (B): Individual Investors: This tranche includes Saudi natural persons, including any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi individual, who is entitled to subscribe for her own benefit in the names of her minor children, provided that she proves that she is a divorcee or widow and the mother of her minor children, any non-Saudi natural person who is resident in the Kingdom, or GCC nationals, in each case, who have an investment account and an active portfolio with one of the Receiving Agents and are entitled to open an investment account with a Capital Market Institution (collectively, the "Individual Investors", and each an "Individual Investor"). A maximum of 13,078,614 Offer Shares, representing 10% of the Offer Shares, shall be allocated to Individual Investors. In the event that the Individual Investors do not subscribe in full for the Offer Shares allocated to them, the Joint Financial Advisors may reduce the number of Offer Shares allocated to Individual Investors in proportion to the number of Offer Shares subscribed for thereby. The Law of Real Estate Ownership and Investment by Non-Saudis promulgated by Royal Decree No. M/15 dated 17/04/1421H (corresponding to 19/07/2000G) (hereinafter referred to as the 'Law of Real Estate Ownership and Investment by Non-Saudis') prohibits non-Saudi from acquiring ownership, easement or usufruct over real property located within the boundaries of the cities of Makkah and Madinah. This includes natural persons who are not nationals of Saudi Arabia, non-Saudi companies and Saudi companies that he establishes, participates in establishing, or owns shares in, any natural or legal person who does not hold Saudi nationality with some limited exceptions. However, under the special controls excluding the companies listed in the Saudi Stock Exchange, the phrase (non-Saudi) has the meaning as per the The Law of Real Estate Ownership and Investment by Non-Saudis issued by the Authority on 27/07/1446H (corresponding to 27/01/2025G). It allows foreigners to invest in Saudi companies listed in the Saudi Stock Exchange that own properties within the boundaries of the cities of Makkah and Madinah , provided that: (i) the foreign strategic investor does not own shares in the Listed Company and (ii) at all times does not exceed 49% of the shares of the Listed Company, which are not jointly owned by persons of natural and legal capacity. Accordingly, the foreign strategic investor is excluded from the investors targeted for the Offering, and the ownership of natural and legal persons who do not collectively hold Saudi citizenship shall not exceed 49% of the Company's shares at all times. The Company has appointed Albilad Capital, GIB Capital and AlRajhi Capital as Joint Financial Advisors ('JFAs'). Albilad Capital, GIB Capital, AlRajhi Capital and Alinma Investment have been appointed as Joint Bookrunners ('JBRs'). Albilad Capital, GIB Capital, AlRajhi Capital and Alinma Investment have been appointed as Co-underwriters. Lazard Saudi Arabia has been appointed as Advisor to the Company. Individual Investors wishing to subscribe to the Offer Shares must submit their subscription requests electronically through the websites and platforms of the Receiving Agents that provide this service to subscribers, or through any other means provided by the Receiving Agents through which the Individual Investors will be able to subscribe to the Company's shares during the Offering Period.
