The total size of the offering is SR489.5 million and stocks will be offered at par value — SR10 per share.

The subscription opens on Sept. 20 and ends on Sept. 26.

“We are very pleased with this announcement,” Gulf International Bank (GIB) Chief Executive Officer Yahya A. Alyahya said, commenting on the CMA’s decision. It reflects upon the skills and capabilities of GIB Financial Services (GIBFS) as the leading provider of corporate finance advisory services, said the CEO.

In 2008, GIBFS acted as financial adviser for the IPOs for Halwani Bros. Company and Abdulla Al-Othaim Markets Company.

In 2009, GIBFS was the financial adviser for Saudi Steel Pipe Company IPO, which was the first premium IPO in Saudi Arabia after the impact of the credit crisis.

GIBFS advised last year on the IPO of Abdullah A. M. Al-Khodari Sons Company, the first general contracting company to be listed on the Saudi stock exchange and the largest premium IPO in Saudi Arabia since 2008.

Alyahya added: “While the global and regional markets have faced difficulties since 2008, GIBFS has demonstrated its commitment to the Saudi capital market and to its clients by continuously bringing investment opportunities to investors. GIBFS’s ability to repeatedly raise equity capital throughout difficult market conditions reflects on the strength of its brand name and the quality of its investment banking team.”

GIB and GIBFS have an established track record of advising on a number of successful IPOs in Saudi Arabia.

To date, GIB and GIBFS have introduced offerings to the Kingdom’s capital market in excess of SR19 billion ($5 billion).