Alramz issues supplementary prospectus for TASI listing

Logo of Al Ramz Real Estate Co.

Al Ramz Real Estate Co. (Alramz) issued a supplementary prospectus related to its planned offering on the Main Market (TASI), following the recent release of its initial prospectus in preparation for offering 30% of its shares on Tadawul.

The company stated that the supplementary prospectus was issued to disclose certain material information required under the regulations.

It noted that, based on binding commitments submitted to the company by Bin Jarallah Trading & Contracting Co. on Nov. 12, AWJ Holding Co. on Nov. 13, and Abdullah Abunayyan Holding Co. on Nov. 12, the three entities have committed to subscribe as cornerstone investors.

Bin Jarallah agreed to subscribe for 1.18 million shares, representing approximately 2.7% of the post-offering share capital. AWJ Holding will subscribe for 1.07 million shares, equivalent to 2.5% of the post-offering share capital. and Abdullah Abunayyan will subscribe for 462,000 shares, representing 1.1% of the post-offering share capital.

The company has approved the allocation of these shares to the three entities as cornerstone investors in the offering.

According to Argaam’s IPO data, Alramz will offer 12.86 million new shares, representing 30% of its capital after the increase.

The company’s current share capital stands at SAR 300 million, divided into 30 million shares with a nominal value of SAR 10 per share. Following the completion of the offering, the capital will rise to SAR 428.57 million, divided into 42.86 million shares.

The subscription period is scheduled to begin on Dec. 7 and will close at 3:00 p.m. on Dec. 9.