Latest news with #SebanScaria
Zawya
3 days ago
- Business
- Zawya
Asas Makeen's Saudi IPO 19 times oversubscribed, raises $415mln
The initial public offering (IPO) of Saudi Arabia's Asas Makeen Real Estate Development and Investment Company has been oversubscribed by more than 19 times, as investors capitalise on the kingdom's real estate boom. The offering, which ran from May 19 to 25, 2025, received bids for nearly 19.5 million shares, raising a total of more than SAR 1.56 billion ($415 million), according to Yaqeen Capital, the financial advisor and lead manager for the IPO. The company had offered a 10% stake or one million shares on the Saudi Stock Exchange Parallel Market Nomu, with the offering price set at SAR 80 per share. The listing of the company's shares on Nomu will be determined after the required procedures with the Saudi Stock Exchange are finalised. The Saudi real estate market has demonstrated strong momentum, with transaction volumes reaching $29 billion during the first three months of the year, according to CBRE Middle East. The growth has been supported by government initiatives and heightened investor confidence. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
3 days ago
- Business
- Zawya
Saudi MSME financing surges 28% to $93bln
Saudi Arabia's micro, small and medium enterprises (MSMEs) have seen robust growth in financing amid efforts to boost the sector's contribution to the economy. The value of credit facilities provided to MSMEs reached around SAR 351.7 billion ($93.7 billion) during the last quarter of 2024, rising by 28% from a year earlier, according to the latest data from the Saudi Central Bank (SAMA). Banks across the kingdom drove the expansion, with credit facilities extended to MSMEs reaching SAR 333.5 billion, up by nearly 30% year-on-year. Credit facilities from finance companies stood at SAR 18.2 billion, up by 5.4% over the same period. Micro enterprises logged the biggest increase in credit, with facilities surging by 69.5% to SAR 42.2 billion. Small enterprises recorded SAR 122.3 billion, up by 32.5%. Medium-sized businesses secured a total of SAR 187.3 billion in credit facilities, marking an 18% growth over a year ago. Saudi Arabia looks to stimulate the SME sector by increasing its contribution to the gross domestic product (GDP) from 20% to 35% in 2030. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
21-05-2025
- Business
- Zawya
Saudi's ACWA Power gets CMA nod on $1.9bln rights issue
Saudi utility firm ACWA Power is set to increase its capital by up to SAR 7.125 billion ($1.9 billion) through a rights issue. Saudi Arabia's Capital Market Authority (CMA) confirmed on Tuesday that it has approved the company's request to proceed with the offering. The company, a unit of Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF), is expected to determine the price and number of shares to be offered after the extraordinary general assembly meeting. Last year, the company's board of directors recommended the capital increase 'to anchor its growth strategy' of expanding the assets under management to $250 billion by 2030. The company had anticipated that its average annual equity commitments would reach around $2.5 billion between 2024 and 2030, compared to an earlier range of $1 billion to $1.3 billion. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
20-05-2025
- Business
- Zawya
Saudi's Anmat Tech sets IPO price, seeks $12.7mln
Saudi Arabia's Anmat Technology has set the pricing of its initial public offering (IPO) on the Saudi Stock Exchange's Parallel Market (Nomu) at SAR 9.5 ($2.5) per share. At the set price, the multi-sector company aims to raise SAR 47.5 million. Anmat intends to float 5 million shares, representing 11.63% of the post-IPO capital. The share offering will run from May 22 to May 27, 2025, according to lead advisor Darb Altujjar Financial Company (Merchants Capital). Minimum subscription is pegged at 100 shares, with a maximum of 2 million shares per subscriber. The company has appointed Alinma Investment as the lead manager for the offering. Qualified investors can subscribe through Alinma's online platform, as well as the electronic platforms of other authorised receiving entities. Anmat operates in multiple sectors, offering IT solutions and telecommunications services to businesses, as well as architectural design and project management in the construction industry. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
20-05-2025
- Business
- Zawya
STC, Aramco units co-lead $19mln investment in US firm Graphiant
Saudi Telecom Co.'s Tali Ventures and Aramco's Wa'ed Ventures are investing in Graphiant, a US-based tech start-up, underscoring Saudi Arabia's efforts to scale up digital infrastructure. The two investment arms have co-led a $19 million investment for the network connectivity company as part of a Series B fundraising, bringing the round's total to $102 million. The US firm also said it is opening its regional headquarters in Riyadh, adding that it will work with stc Group on localisation, skills development and new infrastructure initiatives. Graphiant seeks to provide a single, unified network solution for AI, cloud, SaaS, B2B and branch networking for entities in the public sector, telecom and enterprise space. (Writing by Cleofe Maceda; editing by Seban Scaria)
