Latest news with #SAR450
Trade Arabia
17-03-2025
- Business
- Trade Arabia
Entaj lists shares on Saudi Exchange after IPO
Arabian Company for Agricultural and Industrial Investment (Entaj), one of the leading poultry brands in Saudi Arabia, announced today the listing of its shares on the main market of the Saudi Exchange. This follows the successful completion of its initial public offering (IPO). The company is now trading under the ticker symbol: 2287. The IPO consisted of 9,000,000 ordinary shares, with 90% of the offer shares allocated to institutional investors. The orders recorded during the institutional book-building exceeded SAR93 billion ($25 billion), representing a coverage of 208.4 times. The number of shares that were allocated to the individual investors tranche was 900,000, representing 10% of the total offer shares. The offering saw 499,021 individual investors place orders totaling SAR1.4 billion, reflecting a subscription coverage of 30.2 times for this tranche. The final offer price was set at SAR50 per share, which is at the top end of the previously announced price range for IPO, with the Company successfully raising gross proceeds of SAR450 million with an implied market capitalisation of SAR1.5 billion at listing. Ziyad Al Sheikh, Vice Chairman, commented: "Today marks a historic milestone for Entaj as we officially list on the Saudi Exchange's Main Market, a testament to two decades of growth, innovation, and expansion. The overwhelmingly positive investor reception underscores the strength of Entaj's investment case and the trust in our vision. As we step into this new chapter, we remain steadfast in our commitment to excellence, transparency, and accelerating strategic growth in the Kingdom's dynamic poultry sector. Our focus will continue to be on delivering long-term value for our shareholders while advancing the Vision 2030 goals of food security and local production." Raja M Alharbi, CEO, said: 'The successful completion of our IPO reinforces Entaj's position as a leading force in Saudi Arabia's highly competitive poultry sector. This milestone provides us with enhanced visibility, credibility, and access to resources, positioning us to drive sustainable growth in the years ahead. As a high-growth company, we remain focused on scaling production, expanding our distribution network, and enhancing operational efficiencies to meet the growing demand for fresh, locally produced poultry. We are deeply grateful to our employees, customers, and partners for their unwavering support in making this achievement possible, and we thank our investors for their trust and confidence in our growth story." -
Zawya
17-03-2025
- Business
- Zawya
Retal unit awards Saudi's Al Khobar City mixed-use project contracts
Saudi-based Retal Urban Development Company has announced that one of its key ventures Remal Al Khobar Real Estate Company has awarded a construction contract worth SAR450 million ($120 million) for its Retal Rise and Nobu Hotel projects in Al Khobar City. A major project in the kingdom's Eastern Province, Retal Rise features 129 residential units, while the Nobu Hotel consists of 101 rooms and 62 residential units managed by Nobu, in addition to the Nobu Restaurant and Café. All these projects are located in a unique location in the city of Al Khobar, overlooking the Corniche. Remal Al Khobar, a joint venture 50% owned by Retal Urban Development Company, has signed up Specialized Construction Company for the project. Its scope of work includes implementation of MEP works for Retal Rise and Nobu hotel in addition to Nobu restaurant and café in Al Khobar City. The entire work will be completed within a 15-month period from the effective date of the agreement. On the financial impact, Retal said the project is expected to have a positive impact on the company's results post the start of the project execution for 2025 & 2026.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
16-03-2025
- Business
- Trade Arabia
Retal unit awards Al Khobar City mixed-use project contracts
Saudi-based Retal Urban Development Company has announced that one of its key ventures Remal Al Khobar Real Estate Company has awarded a construction contract worth SAR450 million ($120 million) for its Retal Rise and Nobu Hotel projects in Al Khobar City. A major project in the kingdom's Eastern Province, Retal Rise features 129 residential units, while the Nobu Hotel consists of 101 rooms and 62 residential units managed by Nobu, in addition to the Nobu Restaurant and Café. All these projects are located in a unique location in the city of Al Khobar, overlooking the Corniche. Remal Al Khobar, a joint venture 50% owned by Retal Urban Development Company, has signed up Specialized Construction Company for the project. Its scope of work includes implementation of MEP works for Retal Rise and Nobu hotel in addition to Nobu restaurant and café in Al Khobar City, said Retal in its filing to Saudi bourse Tadawul. The entire work will be completed within a 15-month period from the effective date of the agreement, it stated.
