The Saudi Tadawul Group revealed a real estate subsidiary that it will own 33.12% of, and it will bear the name Tadawul Real Estate.
According to Arabiya Net, the group said in a statement that Tadawul Real Estate is a Saudi limited liability company working in the field of real estate management and development, and its current activity is in the management of the commercial office tower in King Abdullah Financial District in Riyadh.
The number of companies affiliated with the Saudi Tadawul Group increases to five companies: the Saudi Tadawul Company, which is responsible for the stock market in the Kingdom, and the Securities Depository Company, Edaa, which is responsible for settlement services, and a clearing company, which is responsible for securities clearing services for the derivatives markets, and the fourth is a trading company for advanced solutions, Wam’, which is responsible for driving technology-based innovation while seeking new opportunities in the region.
The group clarified that it fully owns the four companies, while the new real estate company owns only 33.12%.
The Saudi Tadawul Group Holding Company intends to offer 36 million shares for public subscription, representing 30% of the company's shares, and the offered shares will be sold by the sole shareholder, the Public Investment Fund, All the subscription shares will be offered to institutions, with the possibility of allocating 10% to individuals.
In April, Saudi Arabia's Tadawul Group said it had appointed JP Morgan, Citi Group and the securities arm of the National Bank of Saudi Arabia to arrange its initial public offering.
The CEO of the Saudi Tadawul Group, Khaled Al-Hussan, said in an interview with Al-Arabiya channel, that the price range for the subscription will be announced on November 21.
