August 29, 2008

Saudi cement firms plan IPO frenzy

Saudi news agency Al Eqtisadiah reported that five new Saudi cement companies intend to sell 50% of their capital in initial public offerings.

The firms are Thamrat Najran in the Najran region in the far south, Medina Cement based in Riyadh, Abra Al Mamlaka in the northern region, Jouf Cement in Jouf and Al Khayat Trading & Engineering based in Mecca.

As per repot, the companies were licensed on condition they establish public shareholding firms covering their cement production activities.

The report gave no details on when the IPOs would take place or their size.