7 Saudi hospitals advance in Brand Finance's 2025 rankings    Makkah deputy emir inaugurates 179 educational projects in Makkah and Jeddah    Food Culture Festival kicks off in Riyadh's Diplomatic Quarter    Saudi Arabia to present 'The Um Slaim School: An Architecture of Connection' at Biennale Architettura 2025 Syn Architects explore Riyadh's architectural heritage, fostering new pedagogical approaches and global dialogue    Al Hilal reclaims top spot in AFC Champions League Elite with 4-1 win over Persepolis    Trump's offer to 'take ownership' of Gaza draws international outrage    USAID employees around the world will be placed on leave Friday and ordered to return to US    Royal Decree Enhances Integrity and Recovers Public Funds    Billionaire philanthropist Aga Khan dies    At least ten people killed in Swedish school shooting, authorities say    Trump says US will 'take over' Gaza Strip and doesn't rule out using American troops    Saudi Crown Prince and UAE President discuss regional security in phone call    Trump: US aims to catch up Saudi Arabia's sovereign wealth fund    SRMG Think hosts high-level discussion on IMF's latest GCC economic report in Riyadh    GACA allows foreign operators to charter flights for domestic travelers in Saudi Arabia    Al Ahli extends unbeaten run with 3-1 comeback win over Al Sadd in AFC Champions League Elite    PetroRent signing ceremony marks innovative collaboration between Petromin and Transregions to transform car rental and leasing services    Cristiano Ronaldo scores twice as Al Nassr thrashes Al Wasl 4-0 in AFC Champions League Elite    Grammy Awards 2025: Beyoncé wins best country album    Museum Authority to open second edition of 'Art of the Kingdom' exhibition in Riyadh    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MMG IPO approaches SR6.6b in closing day
Published in The Saudi Gazette on 14 - 05 - 2008

The proceeds from the initial public offering (IPO) of Mohammad Al-Mojil Group (MMG) reached SR 6.591 billion at the close of the offering,
HSBC Saudi Arabia Limited, its financial advisor and lead manager for the IPO, said on Tuesday.
Commenting on the results, Fahad Al-Raqtan, managing director of MMG, said: “These results come as a testimony to the successful transformation of MMG into a joint stock company, whose shares will soon be listed on the Saudi Stock Exchange.” He added: “With the addition of this large number of new retail and institutional shareholders, MMG is looking forward to completing its mission of contributing to the Saudi economy, especially the industrial construction sector, by building on the trust its shareholders and employees have placed in it.”
Osama As'ad, director of Investment Banking at HSBC Saudi Arabia Limited, said: “We have received subscriptions for 94.2 million shares in the retail and institutional tranches by the close of the IPO. Applications have been received from approximately 2.8 million subscribers in the retail tranche, with proceeds reaching SR 2.9 billion.
“Approved intuitional investors have subscribed for 53.3 million shares, with proceeds amounting to SR3.7 billion. Total proceeds from the two tranches covered 314 percent of the entire IPO,” he said.
“The final subscription data will be announced as scheduled on May 18, along with the details of allocation and refunds to all subscribers,” As'ad added.
The 10-day IPO of MMG, Saudi Arabia's premier industrial construction and construction services company, closed on Monday. __


Clic here to read the story from its source.