Riyadh-based GIB Financial Services (GIBFS), a subsidiary of Gulf International Bank (GIB), has been appointed as financial advisor, lead manager and co-underwriter for the upcoming IPO of Abdullah Abdul Mohsin Al-Khodari Sons Company in the Kingdom of Saudi Arabia.
The Company has received approval from the Capital Market Authority (CMA) to offer 30 per cent of its shares to the general public commencing 4th of October 2010. The Company’s shares will be offered to institutional investors prior to offering them to the general public through the book-building process.
Dammam-based Abdullah A. M. Al-Khodari Sons Company is one of the leading general contracting firms in KSA. It carries out construction activities across various sectors including infrastructure projects, roads and bridges, buildings, water and waste management, power, transportation and logistics.
The Company is also involved in major civil and infrastructure elements of mega projects. Besides its involvement in construction activities, the Company undertakes operations and maintenance work for roads and city cleaning contracts.
Commenting on the appointment, GIB’s CEO and Chairman of GIBFS, Dr. Yahya A. Alyahya, said: “We are very pleased with this appointment, which reflects unrelenting market confidence in the skills and capabilities of GIBFS as the leading provider of corporate finance advisory services.”
GIBFS is a wholly owned subsidiary of GIB. It was established in 2008 to carry out investment banking activities within Saudi Arabia and is duly authorized by the CMA. GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council states. Its primary shareholder is the Public Investment Fund of Saudi Arabia. The Bank has branches in Riyadh and Jeddah and is planning to open a third branch in the Eastern Province in early 2011. GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.