INFRASTRUCTURE-

AlJomaih Energy and Water Company reached financial close for the 300 MW Rabigh 2 Solar Independent Power Plant with total financing of SAR 825 mn, according to a press release (pdf). Once operational, the facility is expected to power some 53k residential units.

The financiers: The project bagged funding from a consortium comprising Al Rajhi Bank, Abu Dhabi Commercial Bank, Sumitomo Mitsui Trust Bank, and DBS Bank.

BACKGROUND- TotalEnergies and AlJomaih signed a 25-year power purchase agreement with the Saudi Power Procurement Company (SPPC) for the 300 MW solar project during French President Emmanuel Macron’s visit last December. This came after the consortium got shortlisted by the SPPC in October, as part of the fifth round of projects under KSA’s National Renewable Energy Program.

IPO WATCH-

Local hospital operator Specialized Medical Company (SMC) closed the institutional book for its IPO, after identifying an inconsistency across financial disclosures and securing the retrieval of SAR 200 mn (USD 53 mn) in recently paid dividends, according to a complimentary prospectus (pdf). The dividend reversal follows CMA regulation, with shareholders required to return the capital before 30 June.

ICYMI- SMC has postponed its retail IPO subscription to 15-16 June, scheduling final share allocation for Tuesday, 24 June, according to a complimentary prospectus (pdf). Moreover, the private healthcare provider is offering a 30% stake in a secondary share sale, selling the institutional tranche sold out within hours last month at the full price range of SAR 24–25 per share.

M&A WATCH-

Fipco eyes full takeover of Bina Holding: Tadawul-listed woven bag-maker Filing andPackingMaterials Manufacturing (Fipco) inked a non-binding MoU to acquire 100% of construction company Bina Industrial Investments Holding ’s share capital, it said in a filing to the exchange.

The agreement sets a 180-day window to complete due diligence, appoint a financial advisor, negotiate final terms, and line up regulatory approvals.

LOCALIZATION-

Local Content and Government Procurement Authority (LCGPA) signed an agreement with SNT Gulf to manufacture heat recovery systems locally, the authority said in a post on LinkedIn. The agreement — backed by the Energy Ministry — is expected to add SAR 2.6 bn to the economy and create over 250 jobs, aiming to improve power plant efficiency and build new supply chains in the energy sector.

REFRESHER- The authority signed agreements with Al Yamamah Steel industries and the Arabian International Company for Steel Structure last October to localize the manufacturing of steel wind turbine towers.

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