HSBC Saudi Arabia Limited, the Financial Advisor and Lead Manager for the initial public offering (IPO) of Mohammad Al-Mojil Group (MMG), announced today that retail subscription to the IPO reached SAR 1,482,315,100 by close of the seventh day of the offering.
At the end of Friday, May 9, 2008, applications had been received from 1,439,811 subscribers, which covered 101 per cent of the maximum allocation to the retail tranche of the IPO. Allocation to the retail tranche has been increased to 21 million shares (70% of the offering) up from an initial 9 million shares (30% of the offering). Consequently, allocation to approved institutional investors has been decreased from 21 million shares (70% of the offering) down to 9 million shares (30% of the offering).
The IPO of MMG, Saudi Arabia’s premier industrial construction and construction services company, opened for subscription on Saturday, May 3, 2008, and will close on Monday, May 12, 2008. All Saudi banks are serving as receiving banks for the offering. Shares are priced at SAR 70.
About Mohammad Al-Mojil Group:
Mohammad Al-Mojil Group (MMG) is one of Saudi Arabia’s leading industrial construction and construction services companies. It is a specialist contractor focused on managing the construction of onshore and offshore oil & gas and petrochemical projects in the Kingdom. MMG provides major international companies with civil, structural, mechanical, electrical, instrumental, maintenance and related services on projects ranging from oil & gas facilities, refineries, power stations, desalination and cement plants. Established in the 1950s, MMG has built a solid reputation for safety, reliability and timely delivery.
MMG has 24,000 employees across the Kingdom and owns more than 3,000 pieces of heavy construction equipment and a fleet of 19 offshore vessels. For further information, please visit: www.almojilgroup.com
