JEDDAH, 7 December 2005 — Samba Financial Group will manage the initial public offering of Al-Abdullatif Industrial Investment Company as the two sides have signed an agreement in this respect.
Al-Abdullatif, which was established more than 50 years ago, offers 30 percent of its capital for public subscription as part of an expansion plan. It manufactures carpets and blankets. Speaking to reporters after signing the deal with Samba, Omar Al-Abdullatif said the IPO was part of a strategic plan of the company, adding that it aimed at expanding its activities. He expressed his confidence in Samba, adding that it would make the IPO a resounding success.
Eissa Al-Eissa, managing director and executive president of Samba, thanked Al-Abdullatif for selecting his bank for the IPO. “Samba is happy in participating in an important phase of one of the major industrial firms in the country,” he added.
He said Samba was managing most of the IPOs in the country after many family and individual businesses decided to transform them into joint stock companies. He said IPOs would help absorb growing liquidity in Saudi society.