Al Rasheed wagers on silica products + SPAC listings get final green light

Al Rasheed is buying into its own supply chain. Industrial silica sand miner Mohammed Hadi Al Rasheed & Partners signed an agreement to acquire a 50% stake in Taif Shipping for SAR 92.5 mn, it is said in Tadawul filing. Taif provides oilfield services including the transportation and blending of silica sand and chemicals used in conventional and unconventional oil and gas extraction.

This is a vertical integration play. Al Rasheed mines and processes the silica; Taif ships and blends it for oilfield customers. Owning half the logistics chain gives Al Rasheed direct access to downstream marketing channels for its products.

What’s next? The acquisition, once cleared by the regulator, will be funded through Al Rasheed’s own resources and available financing facilities.

SPAC listings get final green light

The CMA opened the door to SPAC listings on Tadawul. New amendments to the securities offerings rules establish a regulatory framework for special purpose acquisition companies (SPACs), giving private Saudi firms a route to the public market through a merger with a listed shell company rather than a traditional IPO, according to an announcement.

How it works: SPACs under the new rules are defined as joint-stock companies established to acquire or merge with unlisted Saudi firms. Licensed capital market entities authorized to carry out investment management activities can now serve as sponsors. SPAC shares will be redeemable either at the company's discretion or at shareholder request.

Why it matters: The framework creates a regulated shortcut to Tadawul for private companies and a new vehicle for institutional investors and asset managers looking to back acquisitions and take companies public.