RIYADH: Al-Ittefaq Steel Products Co. is intending to offer part of its shares for public subscription on Saudi Arabia’s main market, Jassim Al-Abbas, general manager of business development, sales and marketing, told Argaam.The value of the company is estimated at over SR8 billion ($2 billion), he said, adding that Hilal Al-Tuwairqi owns around 60 percent of the firm’s capital, while the remaining 40 percent is held by other investors.
A deal with the financial adviser to manage the company’s initial public offering is expected soon, the executive said, adding that the subscription study and preparation for the regulatory requirements may last until 2023.