Latest news with #YasserAbdulazizAbuAteek
Zawya
28-02-2025
- Business
- Zawya
Saudi PIF-backed developer draws $126bln in IPO orders
Umm Al Qura, a leading developer backed by Saudi sovereign wealth fund PIF, today (February 27) announced the successful completion of the book-building process for participating entities and the final offer price for its initial public offering (IPO). A leading player in the Saudi construction sector, Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah. The final offer price has been set at SAR15 ($4) per share, which is the top end of the previously announced price range for the IPO, implying a market capitalisation of SAR21.58 billion ($5.75 billion) at listing, said the top developer. The institutional offering was 241 times oversubscribed, with total orders amounting to SAR 473 billion ($126 billion) from local and international investors. The retail subscription period will last for five calendar days, commencing on March 5 and ending on March 9. On the solid response, CEO Yasser Abdulaziz Abu Ateek 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," he added. On December 24 last year, Umm Al Qura won approval from the Saudi Capital Market Authority (CMA) for registration of its share capital and the offering of 130,786,142 shares, representing 9.09% of the company's stake post capital increase, by way of the issuance of 130,786,142 new shares through a capital increase. The company also received the Saudi Exchange's conditional approval on December 08, 2024 to list on the Tadawul. Umm Al Qura said the net proceeds of the IPO will be utilised to fund costs associated with land settlements, infrastructure, activation of the Masar destination and project financing expenditures. In addition to this, the fund will be used for other general corporate expenditures, such as those relating to sales, marketing, administrative, operating and financing. For the key listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter. Lazard has taken up the role of company advisor and FGS Global that of media and communications advisor.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
27-02-2025
- Business
- Trade Arabia
Saudi PIF-backed developer draws $126bn in IPO orders
Umm Al Qura, a leading developer backed by Saudi sovereign wealth fund PIF, today (February 27) announced the successful completion of the book-building process for participating entities and the final offer price for its initial public offering (IPO). A leading player in the Saudi construction sector, Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah. The final offer price has been set at SAR15 ($4) per share, which is the top end of the previously announced price range for the IPO, implying a market capitalisation of SAR21.58 billion ($5.75 billion) at listing, said the top developer. The institutional offering was 241 times oversubscribed, with total orders amounting to SAR 473 billion ($126 billion) from local and international investors. The retail subscription period will last for five calendar days, commencing on March 5 and ending on March 9. On the solid response, CEO Yasser Abdulaziz Abu Ateek 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," he added. On December 24 last year, Umm Al Qura won approval from the Saudi Capital Market Authority (CMA) for registration of its share capital and the offering of 130,786,142 shares, representing 9.09% of the company's stake post capital increase, by way of the issuance of 130,786,142 new shares through a capital increase. The company also received the Saudi Exchange's conditional approval on December 08, 2024 to list on the Tadawul. Umm Al Qura said the net proceeds of the IPO will be utilised to fund costs associated with land settlements, infrastructure, activation of the Masar destination and project financing expenditures. In addition to this, the fund will be used for other general corporate expenditures, such as those relating to sales, marketing, administrative, operating and financing.
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.
Zawya
19-02-2025
- Business
- Zawya
Takatuf turns cornerstone investor for Umm Al Qura IPO
Saudi-based Umm Al Qura for Development and Construction today (February 18) announced it has issued a supplementary prospectus and signed a binding investment undertaking agreement for its Initial Public Offering (IPO) with Takatuf Holding Group Company - a limited liability company wholly owned by Abdullah Sulaiman Al Rajhi Holding Company (ASAQ) - as its cornerstone investor. As the cornerstone investor, Takatuf has committed to a subscription of 8.87 million shares, representing 6.8% of the offer shares, it stated. A specialist in financial investments, Takatuf is also involved in the development of large-scale, multi-use projects in the kingdom through its subsidiaries. Takatuf Holding Group is a key investor in the Saudi markets. According to Umm Al Qura, the Cornerstone Commitment represents approximately 0.62% of the company's share capital after the Offering. A key Saudi-based group, Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. The Saudi group had recently announced the price range for its IPO as well as the commencement of the institutional book-building period for participating parties. The company had set SAR14 to 15 per share price range for the Offering. On December 24 last year, the Capital Market Authority had given the go-ahead to Umm Al Qura for the registration of its share capital and the offering of 131 million shares. Speaking on the occasion, CEO Yasser Abdulaziz Abu Ateek said: "We are pleased to welcome Takatuf Holding Group Company, a wholly owned subsidiary of Abdullah Sulaiman Al Rajhi Holding Company, as a cornerstone investor for our IPO." "This step reaffirms the attractiveness of the investment opportunities Umm Al Qura offers and its ability to attract investors. It also reflects Takatuf's confidence in the company's business model and growth strategy. We are delighted to collaborate with such a distinguished partner to create sustainable value for our shareholders," he added. Umm Al Qura said the institutional book building period will end on February 20 and the final offering price will be determined at the end of the book-building process. For the key listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter. Lazard has taken up the role of company advisor and FGS Global that of media and communications advisor.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Takatuf turns cornerstone investor for Umm Al Qura IPO
Saudi-based Umm Al Qura for Development and Construction today (February 18) announced it has issued a supplementary prospectus and signed a binding investment undertaking agreement for its Initial Public Offering (IPO) with Takatuf Holding Group Company - a limited liability company wholly owned by Abdullah Sulaiman Al Rajhi Holding Company (ASAQ) - as its cornerstone investor. As the cornerstone investor, Takatuf has committed to a subscription of 8.87 million shares, representing 6.8% of the offer shares, it stated. A specialist in financial investments, Takatuf is also involved in the development of large-scale, multi-use projects in the kingdom through its subsidiaries. Takatuf Holding Group is a key investor in the Saudi markets. According to Umm Al Qura, the Cornerstone Commitment represents approximately 0.62% of the company's share capital after the Offering. A key Saudi-based group, Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. The Saudi group had recently announced the price range for its IPO as well as the commencement of the institutional book-building period for participating parties. The company had set SAR14 to 15 per share price range for the Offering. On December 24 last year, the Capital Market Authority had given the go-ahead to Umm Al Qura for the registration of its share capital and the offering of 131 million shares. Speaking on the occasion, CEO Yasser Abdulaziz Abu Ateek said: "We are pleased to welcome Takatuf Holding Group Company, a wholly owned subsidiary of Abdullah Sulaiman Al Rajhi Holding Company, as a cornerstone investor for our IPO." "This step reaffirms the attractiveness of the investment opportunities Umm Al Qura offers and its ability to attract investors. It also reflects Takatuf's confidence in the company's business model and growth strategy. We are delighted to collaborate with such a distinguished partner to create sustainable value for our shareholders," he added. Umm Al Qura said the institutional book building period will end on February 20 and the final offering price will be determined at the end of the book-building process. For the key listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter.
