IPO WATCH-

GAS could soon graduate to Tadawul’s main market: Gas Arabian Services (GAS) major shareholders is set to debut an additional 10% stake on the market in a secondary share sale to meet the requirements to transition to Tadawul’s main market. GAS hired Yaqeen Capital in January as financial advisor for the potential transaction.

ALSO- GAS has projects worth SAR 2.2 bn in the pipeline, including a SAR 730 mn project carrying over from 2023, CEO Faisal AlDabal told Argaam in an interview yesterday. GAS also has long-term contracts with Aramco and Saudi Basic Industries (SABIC) in the energy and petrochemical sectors, and long-term investments in four unnamed local manufacturing exporting companies, he said.

MANUFACTURING-

#1- Naqi Water transfers land lease rights to PepsiCo: Naqi Water inked a SAR 9.5 mn contract transferring rental rights for a plot of land in Riyadh’s second industrial city — owned by the Saudi Authority for Industrial Cities and Technology Zones (Modon) — to PepsiCo KSA, it said in a disclosure to Tadawul yesterday. The local beverage company said it has found a better-suited location for a planned factory.

#2- Lana Medical opened a treatment plant for high-risk medical waste in Hail Industrial City, it said in a disclosure to Tadawul yesterday. This brings Lana’s operating capacities across its medical waste treatment facilities to 85 tons a day. No further details were provided.

TECH-

Solutions to provide Aramco with computer gear: The Arabian Internet and Communications Services Company (Solutions), the tech subsidiary of telecom operator STC, signed a five-year framework agreement with Aramco to supply the oil giant with computing devices and accessories, it said in a disclosure to Tadawul yesterday. No exact financial details were provided on the agreement, but solutions are predicting that it will exceed 5% of its revenues in 2023 which by our math brings the contract value at above SAR 550 mn.

TELECOM-

Keir International has secured a SAR 30.7 mn contract from the Interior Ministry to oversee the ministry’s fiber optic network in Riyadh and Makkah, along with providing maintenance services, it said in a disclosure to Tadawul yesterday. The contract is set to be signed on 7 May.

LOGISTICS-

Saudi Arabia Railways (SAR) signed a three-year contract with Danish shipping giant Maersk to increase the number of Maersk containers transported through its trains between Dammam’s King Abdulaziz Port and Riyadh’s Dry Port, according to a post on X by SAR. The partnership would help raise the Kingdom’s ranking in the World Bank’s Logistics Performance Index, maintain roads infrastructure and reduce emissions.

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