AI Summary
The Saudi Marketing Company “SAMCO” issued its IPO prospectus as it intends to issue 7.5m shares, representing 30% of its capital, for public offering for Saudi citizens and institutions.
The Capital Market Authority (CMA) approved on 24/12/2013 the issuance of 7.5m share of SAMCO for public offering during the period from 22/1/2014 to 28/1/2014.
The IPO will include 2 tranches:
Institutions: Includes institutions as well as investment funds with an allocated number of shares of 7.5m (100% of IPO shares), the lead manager can reduce this percentage after getting the CMA’s approval.
Saudi Citizens: A maximum of 3.75m shares will be allocated to this tranche representing 50% of the total IPO shares the percentage of which could be reduced by the lead manager in the absence of full participation by the individuals.
The following are the most important information about the company:
|
SAMCO’s Main Shareholders After IPO |
||
|
Shareholders |
Shares(million) |
Percentage |
|
Mohammad Hazem Al Aswad |
13.13 |
52.5% |
|
Sahar Abdul-Karim Madani |
0.87 |
3.50% |
|
Maher Hazem Al Aswad |
0.87 |
3.50% |
|
Tareq Hazem Al Aswad |
0.87 |
3.50% |
|
Mohammed Hazem Al Aswad |
0.87 |
3.50% |
|
Lina Hazem Al Aswad |
0.44 |
1.7% |
|
Hala Hazem Al Aswad |
0.44 |
1.7% |
|
Public |
7.5 |
30% |
|
Total |
25.00 |
100% |
|
Company’s Profile |
|
|
Company |
Saudi Marketing Company (Farm Superstores) |
|
Market |
Saudi Stock Exchange (Tadawul) |
|
Type of Business |
Operating Supermarkets selling food and consumer products. |
|
Status |
Filing |
|
Capital |
SAR 250m |
|
IPO Profile |
|
|
Offering Percentage |
30% of the capital |
|
Offered Shares |
7.5 million shares |
|
Issuance Price |
book building |
|
Issuance Volume |
undefined |
|
Targeted Investors |
Institutions and Saudi citizens |
|
minimum |
100,000shares (institutions) 10 shares (individuals) |
|
maximum |
100,000shares (institutions) 250,000 shares |
|
IPO application deadline(institutions) |
15/01/2014 |
|
IPO Period |
22/01/2014 - 28/01/2014 |
|
Allocation Date |
4/02/2014 |
|
Refund of Surplus underwriting |
4/02/2014 |
|
Additional Information |
|
|
Lead Manager |
Falcom Financial Services |
|
IPO Banks |
Alahli Bank, Riyad Bank, BSF, ANB, Al Rajhi Bank, Samba |
|
Financial Advisor |
Falcom Financial Services |
|
Use of Proceeds |
Distributed to Selling Shareholders |
Financial Statements: The Financial Statements of the company show 14% increase in sales in H1 of 2013 compared to H1 of 2012.
SAMCO’s net profit in H1 of 2013 reached SAR 46.2m at SAR 1.85 per share compared to a net profit of SAR 37.7m in H1of 2012, as shown in the following schedule:
|
Income Statement |
|||
|
Period |
First-half 2012 |
First half 2013 |
Change |
|
Revenues(SAR mn) |
692.4 |
788.9 |
+14% |
|
Net Profit(SAR mn) |
37.7 |
46.2 |
+23% |
|
Average No. of shares |
25 |
25 |
-- |
|
SAMCO’s Income Statement since 2010 (SAR million) |
|||
|
Period |
2010 |
2011 |
2012 |
|
Sales |
1025.8 |
1253.1 |
1495.7 |
|
Cost of Goods Sold |
821.4 |
1017.4 |
1196.5 |
|
Gross profit Margin |
20% |
19% |
22% |
|
Net Profit (after Zakah) |
56.1 |
66.7 |
79.0 |
|
Shares average |
25 |
25 |
25 |
|
Earnings per share (SAR) |
2.24 |
2.67 |
3.16 |
|
SAMCO’s significant Balance Sheet accounts since 2010 (SAR million) |
|||
|
Time |
2010 |
2011 |
2012 |
|
Total Assets |
724.0 |
764.5 |
886.3 |
|
Total liabilities |
436.9 |
416.9 |
472.3 |
|
Capital |
200 |
250 |
250.0 |
|
Shareholders' equity |
287.2 |
347.8 |
413.9 |
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