The Saudi Bin Dawood Company has disclosed loans worth 284 million riyals it granted to related parties and did not announce them before in the prospectus.
so the company gave the option to institutional investors to amend or cancel their participation in the company's IPO.
According to Arabiya Net, investors will have until the fifth of October to amend or withdraw their subscription requests, according to what the company announced in the subscription prospectus, noting that The institutional subscription period ended on September 22nd, and the allotment process was supposed to take place today.
The initial public offering of individuals will take place between 8 and 12 October.
The company granted disclosed loans to Amwaj Real Estate and Summit Hotels last July and September, two companies in which board members indirectly contribute.
The company is seeking to raise $ 600 million from the IPO.
Bin Dawood announced last Thursday that the group is undergoing substantial developments that require disclosure to the financial market, which calls for postponing the upcoming IPO of the company's shares.
the company said that it will issue an additional subscription prospectus, containing new information about the order book building process and the size of the offering, and it will be presented to the Capital Market Authority for approval, which means The postponement of the IPO, which was scheduled for the twenty-seventh of this September.
The Bin Dawood Group intends to offer a 20% share of the company's capital, and the price range ranges between 84 and 96 riyals per share, which evaluates the company at about 11 billion riyals. / p>
According to the company’s statement, the offering includes 22.86 million ordinary shares of the company's current shares that will be sold from the current shareholders.
Bin Dawood expects that the total volume of the offering will range between about 1.9 billion riyals, or about $ 512 million, and 2.2 billion riyals, equivalent to $ 585 million.
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