Sinad pays SAR 93.3M for subscribed shares in Al Majdiah IPO
Logo of Sinad Holding Co.
Sinad Holding Co. fulfilled its commitment to subscribe as a cornerstone investor in the initial public offering (IPO) of Dar Al Majed Real Estate Co. (Al Majdiah), according to a Tadawul statement.
The company paid the full subscription amount of SAR 93.3 million for 6.67 million shares, representing 2.22% of the capital.
The offering price was set at SAR 14 per share.
Sinad Holding was informed of the full allocation of the subscribed shares on Aug. 20, the statement added.
According to data available with Argaam, the company had committed to subscribe as a cornerstone investor to 6.67 million shares in Al Majdiah’s IPO.
The allocation was approved by both Al Majdiah and the selling shareholders, as outlined in Al Majdiah’s supplementary prospectus published on July 29 on the Capital Market Authority’s (CMA) website.
Al Majdiah floated 90 million shares on TASI, representing 30% of its capital. The company’s capital stands at SAR 300 million, divided into 300 million shares at a nominal value of SAR 1 apiece.