Saleh Abdulaziz Al Rashed & Sons gets CMA nod to float 30% on TASI

Logo of Saleh Abdulaziz Al Rashed & Sons Co.

The Capital Market Authority (CMA) approved today, Sept. 22, the application of Saleh Abdulaziz Al Rashed & Sons Co. for the registration and offering of 5.58 million shares, or 30% of its share capital, on the Main Market (TASI).

The prospectus will be published within sufficient time prior to the start of the subscription period, according to the market regulator website.

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The approval is valid for six months from the CMA's resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

The company’s operations are centered around two main segments; sales of building materials (aggregates and asphalt), and sales of spare parts, crushers, and heavy equipment.

Capitalized at SAR 186 million, Saleh Abdulaziz Al Rashed & Sons manages a diversified investment structure that includes 100% of three subsidiaries, in addition to an 80% stake in another company.

CEO Saud Al-Rashed recently told Argaam in an interview that the company currently owns seven quarry sites housing 13 crushers, as well as four asphalt-mixing plants, supported by a fleet of more than 563 trucks and around 700 heavy equipment units.

The company also operates a wholesale distribution network of 17 sales outlets covering different regions across the Kingdom.

He affirmed that the company’s upcoming strategy focuses on introducing new products such as silica and calcium carbonate, while expanding production capacity and enhancing operational efficiency.

The strategy also seeks to expand its fleet—which currently includes more than 563 trucks and 700 heavy equipment units—along with improving the efficiency of its production capacities and distribution networks, Al Rashed noted.