Efsim Facilities Management Company, a leading provider of integrated facilities management (IFM) services across the Kingdom of Saudi Arabia, today (November 25) announced its intention to proceed with the initial public offering (IPO) and the listing of its ordinary shares on the Main Market of the Saudi Exchange.
In September, the CMA had given its go-ahead to the company for the registration of its share capital and offering of 16.8 million ordinary shares, representing 30% of the company’s total issued share capital following the Offering and capital increase – by way of the sale of 5.8 million, existing ordinary shares by the company’s current shareholders in proportion with their existing shareholding and the issuance of 11 million new ordinary shares for public offering, said a statement from Efsim Facilities Management.
The sale shares represent 10.4% and the new shares represent 19.6% of the company’s issued share capital, respectively, upon completion of the Offering and capital hike, totaling 30% of the company’s issued share capital following the Offering and capital increase.
The company had earlier received the Saudi Exchange’s conditional approval to list its shares on the Main Market of the Saudi Exchange, said the statement.
The Offering proceeds, after deducting IPO-related expenses, will be distributed to the selling shareholders and the company, pro rata based on their ownership in the sale shares and based on the new shares, respectively.
The Efsim Facilities Management’s portion of the net Offering proceeds will be used to fund its working capital, invest in new technologies and equipment, build or acquire staff accommodation and transportation assets, and for general corporate purposes.
The final price of the Offer shares will be determined by the Financial Advisor, in co-ordination with the Company, following the book-building process, and prior to commencement of the subscription period for Individual Investors.
The Offering will be in two tranches to accommodate eligible investors. The Tranche (A) will be for the participating parties and Tranche (B) for individual investors.
Established in 2008, Efsim has grown to become a leading IFM provider in Saudi Arabia, serving prominent blue-chip clients and flagship projects across the Kingdom.
The Company provides comprehensive, output-based IFM solutions across critical sectors, including aviation, oil and gas, healthcare, education, and giga projects, aligned with the priorities of Vision 2030.
As a first mover in the output-based facilities management segment, Efsim has established a nationwide presence spanning all major regions in Saudi Arabia, with a workforce of over 8,000.–TradeArabia News Service.
Source: ABC News