Lavenco extends subscription period until Nov. 26

Logo of Zahr Al Khuzama Aluminum Co. (Lavenco)

Zahr Al Khuzama Aluminum Co. (Lavenco) extended the subscription period on Nomu-Parallel Market to Nov. 26.

The company published a supplementary prospectus that included an amendment to the offering period, which now spans 10 business days, starting Nov. 12.

The dates for announcing the final allocation and refunding any excess funds, if applicable, were also amended.

Qualified investors began subscribing to 300,000 shares of Lavenco on the Nomu on Nov. 12, according to Argaam data.

The price was set at SAR 48 per share, and the subscription period was set to run for five business days to end Nov. 18.

Lavenco has SAR 12 million in capital, divided into 1.2 million shares at a par value of SAR 10 each. The company’s capital will reach SAR 15 million after the IPO, divided into 1.5 million shares.

The shares offered represent 25% of the company’s capital before the subscription, and will represent 20% after the subscription and the capital increase.