{"id":88945,"date":"2024-08-22T00:00:00","date_gmt":"2024-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/22\/arabian-united-float-glass-is-taking-a-7-stake-to-nomu\/"},"modified":"2024-08-22T00:00:00","modified_gmt":"2024-08-22T00:00:00","slug":"arabian-united-float-glass-is-taking-a-7-stake-to-nomu","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/22\/arabian-united-float-glass-is-taking-a-7-stake-to-nomu\/","title":{"rendered":"Arabian United Float Glass is taking a 7% stake to Nomu"},"content":{"rendered":"

Arabian <\/strong>United Float Glass (UFG)<\/strong> is guiding on a price of SAR 54 per share for its Nomu<\/strong> IPO<\/strong>, according to the company\u2019s prospectus (pdf)<\/a>, which was published yesterday. Qualified investors will be able to grab a 7% stake (equivalent to 1.2 mn shares) in the glass maker<\/a>. UFG lined up CMA approval<\/a> back in March. The timeline of the offering is yet to be made public. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background as well as external sources.)<\/p>\n

This is a secondary offering: <\/strong>The offered shares will be sold by the four substantial shareholders whose combined stake in the company will be reduced to 74.5%, down from 80.1%, after the offering is fully covered. This is in addition to another 49 non-substantial shareholders whose combined stake will stand at 18.5%, down from 19.9%. <\/p>\n

Market cap + proceeds: <\/strong>The guidance price would give the company a market cap of SAR 918 mn at listing (assuming the offering is fully covered on the first day of listing), and could see it rake up to SAR 64.3 mn in proceeds, according to Enterprise calculations. <\/p>\n

Lockup period: <\/strong>The four substantial shareholders will not be able to make any transactions on their shares for a 12-month period from the first day of listing, while non-substantial shareholders will be able to make transactions on their shares only after the sale has been fully covered.<\/p>\n

Latest earnings result<\/strong>s:<\/strong> The glass manufacturer reported SAR 40.3 mn in net income in 9M 2023, down from SAR 46.6 mn in the same period of the previous year, while its revenues came in at SAR 211 mn, down from SAR 152 mn.<\/p>\n

ADVISORS-<\/strong> Yaqeen Capital<\/strong> is acting as financial advisor, and market maker on the transaction, while PKF <\/strong>is the auditor, and Crowe <\/strong>is legal counsel.<\/p>\n

About the company:<\/strong> Established in 2006, UFG is located in Yanbu with a manufacturing plant that has a production capacity of 700 tons of glass products per day. <\/p>\n","protected":false},"excerpt":{"rendered":"

The offering could see the company raise SAR 64.3 mn in proceeds, if fully covered<\/p>\n","protected":false},"author":1,"featured_media":88946,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[3066,2419,3067,10,29,369,2452,655],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-arabian-united-float-glass-ufg","tag-capital-markets","tag-crowe","tag-enterpriseam-ksa","tag-ipo-watch","tag-nomu","tag-tadawul","tag-yaqeen-capital","wpautop","entry"],"acf":{"mongo_id":"ec83ea60-0e0b-48d6-bfdb-d8d88a05c36c","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1991.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Arabian United Float Glass is taking a 7% stake to Nomu, guiding on a price of SAR 54 per share","related_issue":[88934],"teaser":"The offering could see the company raise SAR 64.3 mn in proceeds, if fully covered","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.187a770b-6984-404f-bcb4-5cb9c6fb7c9e.mp3"},"yoast_head":"\nArabian United Float Glass is taking a 7% stake to Nomu - 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