GIB Financial Services, a subsidiary of Gulf International Bank (GIB), will organise the initial public offering (IPO) of SR489.5 million ($130m) of a major Saudi Arabia-based cement company.

Shares of Saudi Arabia's Hail Cement Company (HCC)  will be offered at par value, SR10 riyals per share, with the subscription period beginning September 20 and running to September 26.

The approval of HCC's IPO confirms GIB Financial Services status as a market leader, being the only investment bank in Saudi Arabia that has successfully executed at least one IPO transaction every year since 2008.

'We are very pleased with this announcement, which reflects upon the skills and capabilities of GIB Financial Services as the leading provider of corporate finance advisory services,' said Dr Yahya Alyahya, the chief executive officer of GIB.

'While the global and regional markets have faced difficulties since 2008, GIB Financial Services has demonstrated its commitment to the Saudi capital market and to its clients by continuously bringing investment opportunities to investors.”

“Its ability to repeatedly raise equity capital throughout difficult market conditions reflects on the strength of its brand name and the quality of its investment banking team,” he added. – TradeArabia News Service