EFG Hermes, a leading investment bank franchise, has concluded advisory on the SR1.4 billion ($378 million) IPO of Saudi power cables manufacturer Riyadh Cables Group Company (RCGC) on the Saudi Exchange.
Kuwait-based Ali Alghanim and Sons Automotive Company has announced the opening of its newest showroom for the BMW high-end vehicle in Al Jahra. The 2,000-sq-m showroom will boast a range of facilities including a sales service unit and spare parts hub.
The IPO saw Salik offer 1.9 billion ordinary shares, representing 24.9 per cent of its share capital, at a price of Dhs2.00 per share, implying total gross proceeds of over Dhs3.7 billion ($1.0 billion) and a market capitalisation of Dhs15.0 billion ($4.1 billion1).