Sinad Holding: Al Majdiah investment part of strategy to boost portfolio

Logo of Sinad Holding Co.

Sinad Holding Co. said it has committed to subscribe as a cornerstone investor to 6.67 million shares in the initial public offering (IPO) of Dar Al Majed Real Estate Co. (Al Majdiah), representing around 2.22% of the company’s capital.

The allocation was approved by both Al Majdiah and the selling shareholders, as outlined in the company's supplementary prospectus published on July 29 on the Capital Market Authority’s (CMA) website.

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In a statement to Tadawul, Sinad said this step is in line with its strategy to enhance and diversify its investment portfolio by targeting promising opportunities that help maximize value for the company and its shareholders.

The company added that it will announce any material developments in this regard in due course.

Al Majdiah intends to float 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, according to Argaam data.

The retail subscription period will run from Aug. 14 to 18, with 18 million shares, or 20% of the offering, allocated to individual investors.