News Column

HSBC Saudi Arabia to manage SACO's IPO

February 19, 2014



Saudi Company for Tools and Hardware (SACO) appointed HSBC Saudi Arabia as the financial advisor, lead manager and underwriter for its maiden initial public offering (IPO), Saudi Gazette reported. The company shares are to be listed on Tadawul, the Saudi stock exchange.  

According to SACO CEO Sameer Al-Hamidi, the company aims to use the funds from the IPO to expand its already sizable operations. Established in 1985, SACO currently operates 21 retail outlets, including 3 SACO World superstores in 12 cities across Saudi Arabia, with store sizes ranging from 2,500 to 24,000 square meters. The company has exclusive dealership agreement with a number of global brands with a product range reaching 45,000.

 


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Source: IntelliNews - Weekly Reports


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