RIYADH: Saudi Industrial Services Co., SISCO, along with its partner Amiantit are considering offering a 15 to 30 percent stake in an initial public offering of their subsidiary, the International Water Distribution Co. Tawzea.
SISCO’s Chief Mohammed Al-Mudarres told CNBC Arabia that no final decision has been taken with regards to the final stake and offer price.
It will only be determined upon completion of the study by the designated financial advisor of IPO, Wasatah Capital.
This followed the earlier bourse announcement that Tawzea’s shareholders approved on Dec. 23, to convert the company from a limited liability company to a closed joint stock company.
SISCO owns 50 percent of Tawzea’s share capital of SR146 million ($38.87 million) in partnership with Saudi Amiantit Co.