Saudi regulator approves share sales for Bawan, Astra Food
Bawan Company, a Riyadh-based building materials firm with operations in the kingdom, Kuwait, Syria…Bawan Company, a Riyadh-based building materials firm with operations in the kingdom, Kuwait, Syria and the United Arab Emirates, will offer 30 percent of its shares - equivalent to 15 million shares - to the public between November 27 and December 3, the Capital Markets Authority said on Tuesday.
Astra Food Company will sell 40 percent of its shares - equivalent to 11 million shares - between December 18-24, the CMA also said. Astra Food is part of the Astra conglomerate, which has interests in agriculture, manufacturing and real estate.
The value of the shares in both sales will be determined by a bookbuilding process involving institutional investors prior to formal offer periods, when retail investors will be allowed to subscribe at a set price.
The CMA's statements did not mentioned any arranging banks for the sales, which will be the fifth and sixth listings in Saudi Arabia this year and the first since AIG-ANB Cooperative Insurance Company in late-May.