Riyadh-based GIB Financial Services (GIBFS) has been appointed as financial advisor, lead manager and co-underwriter for the upcoming IPO of Abdullah Abdul Mohsin Al-Khodari Sons Company in Saudi Arabia.

GIBFS is a subsidiary of Gulf International Bank (GIB), a leading merchant bank in the Middle East.

Dammam-based Abdullah A. M. Al-Khodari Sons Company, one of the leading general contracting firms in the kingdom, said it had received approval from the Saudi Capital Market Authority (CMA) to offer 30 per cent of its shares to the general public starting from October 4.

The company’s shares will be offered to institutional investors prior to offering them to the general public through the book-building process.

Commenting on the appointment, GIB chief executive officer and chairman of GIBFS, Dr Yahya A. Alyahya, said: “We are very pleased with this appointment, which reflects unrelenting market confidence in the skills and capabilities of GIBFS as the leading provider of corporate finance advisory services.”

Abdullah A. M. Al-Khodari Sons Company said it carries out construction activities across various sectors including infrastructure projects, roads and bridges, buildings, water and waste management, power, transportation and logistics.

It is also involved in major civil and infrastructure elements of mega projects. Besides its involvement in construction activities, the company undertakes operations and maintenance work for roads and city cleaning contracts.-TradeArabia News Service