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IPO WATCH-
Umm Al Qura for Development and Construction secured a binding commitment from the Takatuf Holding Group to subscribe to its upcoming IPO on the main market, according to a press release (pdf). Under the agreement, Takatuf will be the only cornerstone investor where it will pre-book 6.8% of the offered shares, accounting for 0.62% of the company’s total share capital after the offering.
REMEMBER- PIF-backed real estate developer Umm Al Qura is guiding on a price range of SAR 14-15 per share for its Tadawul IPO, where it is taking a 9.1% stake public.
About Takatuf: The company is wholly owned by Abdullah Sulaiman Al Rajhi HoldingCompany, the investment arm of Waqf Sulaiman Alrajhi, one of the largest endowments in the Islamic world.
MANUFACTURING-
TrinaTracker opens 3 GW factory in Jeddah: Trina Solar’s solar tracking solutions subsidiary TrinaTracker opened a 3 GW manufacturing facility — dubbed Trina Tracker for Renewable Energy — in Jeddah’s 3rd Industrial City, according to a press release. TrinaTracker acquired the land for the facility under a lease agreement with the Saudi Authority for Industrial Cities and Technology Zones (Modon).
The details: The factory will produce its Vanguard series of solar trackers and smart control systems — which enhance energy yield by 8% annually — once operational sometime this quarter. This marks TrinaTracker’s fourth production plant, along with those in China, Spain, and Brazil. The plant will run a zero pollutant emissions process and is expected to accelerate delivery, technical support, and sales.
REAL ESTATE-
The Real Estate General Authority issued off-plan marketing licenses for 45 projects totaling 14.3k units across Saudi Arabia, it said in an X post. The lion’s share was taken by Riyadh and Jeddah with 18 and 14 licenses, respectively.
Key developments: The largest projects include Zood’s Earth and Mohamed AlHabib’s Inar, each with 2k units, National Housing Company’s Dania Al-Fursan with 1.9k units, Zood’s Al Nakheel with 1.8k units, and Rusan’s Sama Al Rusan Scheme with 1.2k units.
DEBT WATCH-
Ma’aden’s subsidiary completes final redemption of its Sukuk: Saudi Arabian Mining Company (Ma’aden)’s subsidiary Ma’aden Phosphate Company fully redeemed its SAR 3.5 bn shariah-compliant sukuk, issued in 2018, according to a disclosure to Tadawul. The Sukuk was 100% repaid by yesterday. The repayments were deposited into bondholders’ accounts by HSBC Saudi Arabia.
