Sinad’s Alessa Industries to float 30% stake on Tadawul’s main market
- Date: 26-Jun-2022
- Source: Argaam
- Sector:Industrial
- Country:Saudi Arabia
Sinad’s Alessa Industries to float 30% stake on Tadawul’s main market
Alessa Industries Co. plans to offer 30% of its capital for subscription on the Saudi Exchange's (Tadawul) main market, revealed Abdulmohsen Alessa, Executive Vice President for Operation.
The company targets local sales exceeding SAR 1 billion, he told Asharq Business, on the sidelines of the BIG 5 Conference and exhibition in Egypt.
Alessa also stated that the company is set to set up a regional office in Egypt, in preparation of establishing its first plant in Egypt in 2023, with investments of more than $10 million.
Alessa Industries is a 38%-owned subsidiary of Sinad Holding Co. (formerly Aseer Trading, Tourism and Manufacturing Co.). It is a Saudi closed joint-stock company established in Riyadh in 1935, with SAR 750 million capital. It operates in the production, manufacture, import and distribution of air conditioners, home electrical appliances and electronics, and has a group of international agencies and brands, according to Argaam's data.
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