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

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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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