Logo of Al Masane Al Kobra Mining Co. (AMAK)
Shares of Al Masane Al Kobra Mining Co. (AMAK) will begin trading on the Saudi Exchange (Tadawul) today, March 29, under the “Materials” industry group, with the symbol 1322 and ISIN Code SA15HG50KL10.
The daily price fluctuation limits of ±30% and static price fluctuation limits of ±10% will be applied during the first three days of the listing.
From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limits will no longer apply.
This will be the sixth listing on the main market in 2022, after Elm Co., East Pipes Integrated Company for Industry, and Scientific & Medical Equipment House Co. in February, as well as Al-Dawaa Medical Services Co. and Nahdi Medical Co. in March.
Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. on March 1, Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), solutions (Sept. 30), ACWA Power (Oct. 11), Arabian Contracting Services Co. (Nov. 15), Nayifat Finance Co. (Nov. 22), Saudi Tadawul Group (Dec. 8), and Almunajem Foods Co. (Dec. 20).
The company's listing will bring the total number of Tadawul-listed companies to 198, excluding 17 REITs.
The Saudi mining firm offered 19.8 million shares, or 30% of its share capital on the main market, at SAR 63 per share, of which 70% was allocated for participating categories and 30% to individual investors.
A minimum of four shares were allocated for each subscriber, while the remaining shares were allocated on a pro-rata basis, with an allocation rate of 0.766%.
Company Profile
Established in 2007 as a closed joint stock company, AMAK’s capital stands currently at SAR 563.3 million. Post-IPO capital will reach SAR 660 million.
The company’s primary activities include the operation of the Al Masane Mine and Guyan Mine. Al Masane Mine is located at the main Al Masane mining camp and produces copper and zinc concentrates and silver and gold Doré. The Guyan Mine is located approximately 12 km from the Al Masane Mine and produces gold and silver Doré.
The main objectives of the company, in accordance with its bylaws, include production of gold and silver bars; production of zinc concentrates; production of copper concentrates; extraction of granite, nickel concentrates and lead concentrates; manufacturing of granite; rock blasting, and establishment of factories to produce tiles and other building materials.
AMAK currently holds license rights to approximately 152 km2 of exploration area at Guyan and Qatan and 54 km2 pursuant to the Al Masane Mining License and the Guyan Mining License.
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Company Profile |
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Company |
Al Masane Al Kobra Mining Co. (AMAK) |
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Market |
Saudi Exchange (Tadawul) |
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Core Activities |
Mining |
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Capital |
SAR 660 mln |
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Number of Shares |
66 mln |
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Company Shareholders |
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Shareholders |
Before IPO |
After IPO |
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Number of shares (mln shares) |
Ownership (%) |
Number of shares (mln shares) |
Ownership (%) |
|
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Arab Mining Co. (Armico) |
11.53 |
20.46% |
9.40 |
14.24 % |
|
Asas Mining Co. |
11.08 |
19.67 % |
9.04 |
13.69 % |
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Prince Mishaal bin Saud bin Abdulaziz |
4.96 |
8.80 % |
4.04 |
6.13 % |
|
National Lead Smelting Company Limited (RASASS) |
4.92 |
8.73 % |
4.00 |
6.07 % |
|
Mohammad bin Manea bin Sultan Aballala |
4.69 |
8.33 % |
3.83 |
5.80 % |
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Arab Mining Co. - Fujairah |
2.97 |
5.28 % |
2.42 |
3.67 % |
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Total |
37.17 |
71.27 % |
32.74 |
49.60 % |
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