GIBFS was the exclusive financial advisor on Halwani Brothers' IPO, which was oversubscribed by more than 9 times of the total share offering.
The company offered 8,571,430 new ordinary shares for SAR 20 per share to Saudi institutional and retail investors an effort to raise its capital.
The total issue size was for SR171.4m, whereas total subscriptions received from institutional and retail investors exceeded SR1,607.7m.
GIBFS also acted as joint book runner for the institutional tranche of the offering.
Commenting on the successful conclusion of this IPO, Dr. Khaled M. Al-Fayez, GIB's Chief Executive Officer, said: "we are pleased to facilitate the achievement of Halwani Brothers' financial requirements through this public offering in line with the company's business growth. GIB has always been at the forefront of providing tailored financial solutions to its clients."
GIB has been a market leader in the corporate finance business in the region for many years offering advisory on mergers and acquisitions, financial restructurings, IPO's and private placements.
This effort continues in Saudi Arabia through GIBFS.
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GIB Financial Services advises on the Halwani Brothers Company IPO in Saudi Arabia
- Saudi Arabia: Wednesday, July 09 - 2008 at 10:00
- PRESS RELEASE
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Riyadh-based GIB Financial Services (GIBFS), the Saudi subsidiary of Gulf International Bank (GIB), has recently completed advising Halwani Brothers Company on its initial public offering in Saudi Arabia.
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Posted by Eman HassanWednesday, July 09 - 2008 at 10:00 UAE local time (GMT+4)
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For further information, please contact Mr. Abdulla Naneesh, Corporate Communications at GIB Bahrain: Tel (+973) 17 522 479, Fax (+973) 17 522 656
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