16 Days
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الاقتصادية
MGC scheme elevates owners among top TASI shareholders
Muttlaq Al-Ghuwairi Contracting Company has decided to offer 30% of its capital in the Saudi market, aiming to raise approximately 3 billion riyals. This makes it the third-largest initial public offering (IPO) over the past three years, with a market value approaching 10 billion riyals at the upper price range. The main shareholders, Muttlaq Al-Ghuwairi Al-Otaibi and Turad Al-Ghuwairi, hold stakes of up to 32% and 15.72% respectively, valued in the billions of riyals. This positions Muttlaq Al-Ghuwairi among the top three largest individual owners in the Saudi market. This offering comes at a time when the Saudi contracting sector is regaining vitality after a long period of stagnation. The last listing of a contracting company was nearly 15 years ago, despite previous challenges faced by the sector due to losses and financial setbacks experienced by companies such as Mohammed Al-Khudhari Group and Al-Mojil.
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