Business & Money | Tuesday 21 April, 2015 7:46 am |

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in Association with Baker & McKenzie has advised Saudi Company for Hardware (SACO) on its Initial Public Offering (IPO).

Approved by the Saudi Capital Market Authority on 31 March 2015, the sale of 7.2 million shares representing 30% of SACO's share capital.

Operating across 12 cities in Saudi Arabia, hardware retailing and wholesaling giant SACO was founded in 1984 and has 23 retail outlets.

The team advising on the IPO was led by partners Zahi Younes and Karim Nassar, assisted by associates Jad Slim and Mai AlAshgar.

Subscription for the initial public offering will open on April 22 and run until April 28, the Capital Market Authority said in a bourse statement. A portion of the offering is reserved for investment funds and institutional investors. A book building process is taking place in advance of the offering that will help set the price of the shares.

Zahi Younes said: "We're delighted to act for SACO, one of Saudi Arabia's market leaders in the home improvement sector. Saudi Arabia is home to the Gulf's largest stock market and the deal pipeline looks strong ahead of the opening of the market to direct foreign investment."