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Mutlaq Al-Ghawiri Rescinds IPO
Mutlaq Al-Ghuwairi Contracting Company has decided not to proceed with the initial public offering despite strong investor demand. This decision follows a review of the company’s strategy and goals, as it continues to plan for expansion and reconsider the possibility of an upcoming offer in the future. The company had previously announced its intention to offer 30% of its capital. Additionally, it recorded a net profit growth of 85.3% in the first quarter of 2026, reaching 201 million riyals.
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