Samnan Trading and Maintenance Co. is looking to file for an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) after eight months, Al-Riyadh newspaper reported, citing Abdulrahman bin Abdulaziz bin Sulaiman, the chief executive officer.
Riyadh-based Samnan’s planned share offer is aimed at boosting its market presence, increasing investments and implementing strategic plans.
Bin Sulaiman indicated the company was resilient enough to overcome the negative impact of the kingdom’s current economic conditions, as it recorded robust sales and increased its branch presence to over 60.
In 2011, Samnan consolidated its operations and converted from a holding company into a SAR 200 million joint stock company. It set up limited liability companies, including Samnan for Water Solutions, Sanum AlJazeera Company for Projects Ltd., Miyah Co. for Water and Waste Water Technology, and Samnan Real Estate Investment.
Last week, Riyadh-based Samnan appointed Alawwal Invest as financial advisor for its potential IPO.
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