BinDawood Holding Co. announced the supplementary prospectus, which includes a change in the initial public offering (IPO) date for individuals, while extending the date for institutional investors.
Individual subscriptions will begin on Oct. 8 until Oct. 12, 2020, while subscription for institutional investors will resume today, Oct. 1, until Oct. 5, 2020.
The final IPO price and the initial allocation of institutions and retail investors shares will be announced on Oct. 6, 2020.
BinDawood revealed that it loaned a total of SAR 283.4 million to the related firms, Amwaj Real Estate Co. (SAR 176.8 million) and Al Qimma Hotel Co. Ltd. (SAR 106.6 million) during the period from July 2 to Sept. 20, 2020, providing that the two firms repaid all funds on Sept. 21-22, 2020.
The two companies utilized these amounts to repay short-term loans and other liabilities (like development of real estate projects). Amwaj used the amount to mainly financed its leased branch located in Hira district in Jeddah.
The financial amounts were registered as “dues from related parties” in Bin Dawood's accounting records.
Currently, as of Sept. 22, 2020 (including the supplementary prospectus date), there are no unpaid outstanding balances.
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