Construction group to float on Tadawul for $560m

09 April 2008
Construction group Mohammad al-Mojil will float on Saudi Arabia’s Tadawul with a market capitalisation of SAR2.1bn ($560m) on 3 May after a book-building exercise.

A maximum of 70 per cent of the company’s shares will be allocated to institutional investors, with the remainder being available to retail investors, according to the company.

Mohammad al-Mojil is a construction services company based in the Eastern Province of Saudi Arabia. Its main customers are energy and petrochemicals companies, including Saudi Aramco and Saudi Basic Industries Corporation (Sabic).

The company generated net profits of SAR549m in 2007, up 164 per cent from 2006. Revenues were SAR2bn in 2007, up 119 per cent on the previous year.

In line with Tadawul rules, the share sale will be limited to Saudi nationals.

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