Mutlaq Al-Ghowairi names Al Rajhi Capital as financial advisor for IPO on TASI

The signing ceremony

Mutlaq Al-Ghowairi Contracting Co. (MGC) signed an agreement with Al Rajhi Capital to act as financial advisor, bookrunner, underwriter and lead manager, on its potential initial public offering (IPO) on the Saudi Exchange (TASI).

The agreement was signed by Mutlaq bin Damuk Al-Ghuwairi, Chairman of MGC and Waleed AlHumaid, CEO of Al Rajhi Capital, the company said in a statement.

MGC has a strong track record of more than 47 years in implementing infrastructure, operating and maintenance works. It developed its competitive capabilities in this field to become one of the largest specialized companies in the sector. MGC has also worked on the implementation of many major strategic projects in various regions of the Kingdom and in various public and private sectors.

The partnership with Al Rajhi Capital is a significant step in the company's journey. The decision to offer MGC’s shares on the Saudi stock market is expected to propel the company towards achieving its strategic and expansion plans, in line with Vision 2030 and promoting steady growth in the Kingdom's economy, Al-Ghuwairi said.

On the other hand, AlHumaid stated that the agreement with MGC embodies Al Rajhi Capital’s vision by providing financial advisory services for large companies looking to go public in the Saudi market.