The subscription of qualified investors in Saudi Group Five Pipes Company begins today, Sunday, and it will offer its shares on the parallel market, Nomu, at a price of 35 Saudi riyals per share.
According to Arab Net, Al-Dakhil Financial Group will assume the role of financial advisor for the initial public offering, and the offering period, which will begin on Sunday, November 14, 2021, will continue until Thursday, November 18, 2021.
The Saudi Al-Dakhil Financial Group had announced the public offering of the shares of the Saudi Group Five Pipes Company and its listing on the Nomu Parallel Market.
The company is offering 2.8 million ordinary shares, representing 10% of its shares, which will be listed on the parallel market.
The company produces, sells and markets spiral-welded steel pipes, and the Saudi Group Five Pipes Factory is one of the advanced factories in the Saudi Arabian and Gulf countries in the production of steel pipes. Its production capacity is 550 thousand metric tons per year.
Group Five deals with a number of clients inside and outside the Kingdom, and the main clients in most of them are Saudi institutions affiliated with government agencies, or public corporations' projects in the field. , Saudi Aramco, and others.
The company said that it intends to be one of the largest steel pipe producers in the Middle East, conforming to various international standards.
Group Five was established as a mixed limited liability company in 2000, with a capital of 30 million riyals in Dammam, and later increased its capital to 90 million riyals. .
In 2020, the company increased its capital to 280 million riyals.
In 2021, Group Five transformed into a closed joint stock company, with a capital of 280 million riyals, divided into 28 million ordinary shares, fully paid in value.
