IPO WATCH-

Sinad Holding will subscribe to about 6.7 mn shares as a cornerstone investor in Dar Al Majed Real Estate’s IPO, it said in a Tadawul disclosure yesterday. Sinad will hold 2.2% of Al Majed’s capital under the binding agreement, following approvals from its shareholders and Al Majed’s board. The move is part of Sinad’s investment portfolio diversification strategy to optimize its shareholders' returns.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

IN CONTEXT- Dar Al Majed took a 30% stake to Tadawul’s main market in a secondary offering of 90 mn existing shares, which saw its institutional tranche fully booked within minutes of opening on Tuesday, setting the offer price within the SAR 13.5-14 range per share. At the top of the range, the share sale could see the property developer raise up to SAR 1.26 bn in proceeds, implying a market cap of SAR 4.2 bn at listing.

EXPANSION-

Chinese on-demand food delivery platform Keeta added 11 new cities to its Saudi footprint, expanding its nationwide reach to 20 cities, it said in a LinkedIn statement yesterday. The new hubs are in Hail, Tabuk, Abha, Khamis Mushait, Jazan, Najran, Al Jubail, Buraydah, Hafar Al Batin, Yanbu, and Taif. Keeta made its debut in Saudi Arabia in September 2024 with its Al Kharj launch.

REAL ESTATE-

The Saudi Real Estate Refinance Company (SRC) signed an agreement with Bank Albilad to buy a mortgage portfolio, it said on X on Monday. The agreement will help SRC expand its funding capacity and support future plans to package and sell home loans to investors. The value of the agreement was not disclosed.

ICYMI- SRC, the real estate finance arm of the Public Investment Fund, acquired a SAR 3.4 bn real estate financing portfolio from the Saudi National Bank back in March as part of the Kingdom’s efforts to modernize and expand its real estate finance sector.

LOGISTICS-

The Saudi Ports Authority (Mawani) added Wan Hai Lines’ AR2 Asia Redsea shipping service to Jeddah Islamic Port, linking it to 10 regional and global ports, it said in a statement on Tuesday. The new service — with a capacity of 3.7k TEUs — will connect Jeddah with the ports of Shanghai, Ningbo, Nansha, and Shekou in China, Klang in Malaysia, Aqaba in Jordan, Sokhna and Alexandria in Egypt, and Izmit and Kumport in Turkey.

AVIATION-

Riyadh Air partners with an Air France-KLM subsidiary to maintain its Boeing Dreamliners: EPCOR, a subsidiary of Air France Industries KLM Engineering & Maintenance, will look after Riyadh Air ’s APS5000 auxiliary units powering the Boeing 787 Dreamliner fleet under a long-term maintenance, repair, and overhaul agreement it signed with the PIF-owned airline, according to a press release.

Tags: