{"id":88988,"date":"2024-08-25T00:00:00","date_gmt":"2024-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/25\/east-gas-eyes-20-private-placement-on-nomu\/"},"modified":"2024-08-25T00:00:00","modified_gmt":"2024-08-25T00:00:00","slug":"east-gas-eyes-20-private-placement-on-nomu","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/25\/east-gas-eyes-20-private-placement-on-nomu\/","title":{"rendered":"East Gas eyes 20% private placement on Nomu"},"content":{"rendered":"

East Gas Company (EGC) has filed to sell a 20% stake in the company via a <\/strong>private placement <\/strong>on Tadawul\u2019s parallel market Nomu<\/strong>, according to two disclosures to Tadawul (here<\/a> and here<\/a>). The private placement is a precursor to the company\u2019s plan to stage a full-fledged IPO on Nomu. There\u2019s no publicly available information about whether the company has or is going to conduct a fair value study ahead of the private placement, or on the timeline of the potential transaction.<\/p>\n

The rationale: <\/strong>The potential private placement likely aims at meeting one of the requirements<\/a><\/a>for debuting on Nomu<\/a>, which is to have a minimum of 50 public shareholders. EGC<\/a> currently has a market cap of SAR 80 mn \u2014 that\u2019s SAR 70 mn more than the minimum requirement to execute an initial public offering on Nomu.<\/p>\n

SOUND SMART- What\u2019s a private placement? <\/strong>It\u2019s a method of raising capital by selling shares directly to a select group of investors, rather than through a public offering. Companies use private placements to quickly raise funds with fewer regulatory requirements and less disclosure compared to public offerings. This approach allows for more tailored investment terms and often accelerates the funding process.<\/p>\n

About <\/strong>EGC:<\/strong> EGC acquires natural gas from Saudi Aramco and delivers it to over 45 industrial clients through its 44 km pipeline network in Dammam Second Industrial City, home to more than 300 factories. The company is extending its pipeline network to accommodate increasing energy needs and utilizes a 52 km fiber optic network to connect all customers to its SCADA system, enabling real-time monitoring of gas metering and regulation.<\/p>\n

Who owns<\/strong> EGC<\/strong>?<\/strong> The natural gas company is formed by a consortium of five companies: National Gas & Industrial Company owns a 35% stake, Saudi Paper Group holds 26%, Arab Paper Manufacturing Company holds 23%, Saudi Arabian Amiantit Company holds 13%, and Rabiah and Nassar Group holds 3%.<\/p>\n

ADVISORS-<\/strong> Arbah Capital<\/strong> is acting as sole financial advisor on the transaction. <\/p>\n","protected":false},"excerpt":{"rendered":"

EGC has a market cap of SAR 80 mn<\/p>\n","protected":false},"author":1,"featured_media":88989,"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":[2419,3073,10,29,369,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-east-gas-company-egc","tag-enterpriseam-ksa","tag-ipo-watch","tag-nomu","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"046980c4-5f60-41b3-8b29-c140b57c3aeb","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2099.jpg","photo_position":"above","homepage_title":"","full_issue_title":"East Gas is looking to debut 20% on Nomu through a private placement","related_issue":[88981],"teaser":"EGC has a market cap of SAR 80 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.f9b95c58-909c-4453-9d12-9db50feedcb7.mp3"},"yoast_head":"\nEast Gas eyes 20% private placement on Nomu - 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