Saudi Home Loans to proceed with IPO despite global geopolitical threats

Saudi Home Loans to proceed with IPO despite global geopolitical threats
Saudi Home Loans to proceed with IPO despite global geopolitical threats

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Home Loans Co., a pioneer in Islamic real estate financing, said it will proceed with an initial public offering of a 30-percent stake on the Saudi main index, TASI, despite the geopolitical tensions that  rattled IPO markets globally.

Operating since 2007, SHL is 40-percent owned by Arab National Bank, the second-largest shareholder is Dar Al Arkan, with 15 percent of share capital.

The Riyadh-based company will allocate up to 30 million shares to participating entities, while individual investors will be allowed a maximum of 3 million shares, it said in a statement.

The offer price will be determined upon completion of the book-building period that will be led and managed by Riyad Capital.

This step aims to strengthen the company’s position in its field, “in a way that contributes to increasing its returns at a steady and balanced pace,” said CEO, Bandar Al-Ghamdi.

He added that listing will contribute to “boosting its leadership role in the real estate finance sector in the Kingdom of Saudi Arabia.”

Such a move by the Shariah-compliant real estate lending firm is the latest in the Kingdom’s IPO wave in a bid to enhance liquidity and scale its capital markets.

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