Northern Region Cement set to launch IPO, Saudi Arabia

Saudi-Arabia based cement producer Northern Region Cement Company (NRC) plans to sell 90 million shares in an Initial Public Offering (IPO) starting tomorrow.

The company plans to sell 90 million shares, or 50 per cent of its capital at SAR10 (US$2.7) each over the 8-14 January 2013 period.

NRC has appointed ANB Invest, the investment arm of the Arab National Bank, to act as the lead manager and bookrunner for the IPO. The deal was signed by NRCC Board Chairman Sulaiman bin Salim Al-Harbi and ANB Invest CEO Bassam bin Rashid Al-Mubarak.