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Riyadh Cables Group is planning an initial public offering in the Saudi Exchange (Tadawul), which could raise about $400 million (SAR 1.5 billion), according to Bloomberg citing people familiar with the matter.
The company is working with Riyad Capital and Himmah Capital on the proposed listing that could come as soon as this year, the people said, asking not to be identified as the information isn’t public. More banks could be added later, they said.
In 2015, shareholders of Riyadh Cables, during an extraordinary general meeting (EGM), gave the green light for offering 30% of the company’s shares for public subscription. They also approved hiking the capital from SAR 900 million to SAR 1,500 million through a 2:3 bonus share distribution.
Established in 1984 in Riyadh, Riyadh Cables has several plants inside the Kingdom, in addition to one plant in the UAE. It produces all kinds of low, medium and high-pressure cables, in addition to electrical wiring cable.
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