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SMASCO issues prospectus to float 120M shares on TASI
Logo of Saudi Manpower Solutions Co. (SMASCO)
In March, the Capital Market Authority (CMA) approved SMASCO’s application to list on the Main Market (TASI).
Qualified Subscribers
Participating parties: Those who are qualified to participate in the book building process, including investment funds, foreign companies and institutions, investors from GCC companies, and other foreign investors by virtue of swap agreements. Initially, all offered shares (100%) are allocated to this category. If there is sufficient demand from retail investors, the number of shares for participating parties will be reduced to 108 million shares, or 90% of total offered shares.
Individual investors: Saudi nationals, non-Saudi natural persons resident in the Kingdom, nationals of GCC states who have a bank account with one of the receiving entities. The category was allocated 12 million shares, or 10% of the total offering.
The company's activities include administrative services, support services, employment agency activities, and temporary employment agency activities.
According to the commercial register, the company’s activities involve temporary employment agencies for domestic services and temporary employment agencies for expatriate labor services.
The company's core activities consist of the following main business segments:
Corporate segment: This segment is the cornerstone of the group's work, as it provides comprehensive workforce services for several sectors through the professional and unskilled workforce.
Individual segment: This segment provides a wide range of domestic workforce services.
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Company Profile |
|
|
Company |
Saudi Manpower Solutions Co. (SMASCO) |
|
Market |
TASI |
|
Core Activities |
Manpower services |
|
Capital |
SAR 400 mln |
|
Number of Shares |
400 mln shares |
|
Share Par Value |
SAR 1 |
|
IPO Summary |
|
|
Issue Percentage |
30% |
|
Number of Shares Offered |
120 mln shares |
|
Qualified Subscribers |
Participating institutions and individuals |
|
IPO Minimum Limit for Retail Investors |
10 shares |
|
IPO Minimum Limit for Institutional Investors |
100,000 shares |
|
IPO Maximum Limit for Retail Investors |
2.5 mln shares |
|
IPO Maximum Limit for Institutional Investors |
20 mln shares |
|
Institutional Offer Period and Book Building |
From May 8 to 14, 2024 |
|
Retail Offering |
From May 26 to 27, 2024 |
|
Final Allocation |
June 3, 2024 |
|
Refund (if any) |
June 10, 2024 |
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Additional Information |
|
|
Financial Advisor, Book-Runner, and Underwriter |
SNB Capital |
|
Receiving Banks |
Al Rajhi Bank - Saudi National Bank - SNB Capital |
|
Major Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership (%) |
Number of Shares (mln shares) |
Ownership (%) |
|
|
Al Holoul Al Mutakamela Holding Company |
280.0 |
70.00% |
191.11 |
47.76% |
|
Rafid Advanced Investments Company |
30.0 |
7.50% |
19.35 |
4.84% |
|
Mohammed Abdulaziz Al Habib & Sons Holding Company |
20.0 |
5.00% |
14.00 |
3.50% |
|
Al Masa Real Estate Company |
20.0 |
5.00% |
14.00 |
3.50% |
|
Abdullah Nasser Abdullah Al Dawood |
12.0 |
3.00% |
12.00 |
3.00% |
|
Abdullah Amer Munif Al Nahdi |
6.0 |
1.50% |
4.20 |
1.05% |
|
Abdulaziz Abdulrahman Mohammed Al Omran |
5.0 |
1.25% |
3.50 |
0.88% |
|
Al Mojel Trading and Contracting Company |
5.0 |
1.25% |
3.50 |
0.88% |
|
Mohammed Sulaiman Ibrahim Al Sabti |
5.0 |
1.25% |
5.00 |
1.25% |
|
Tareq Othman Abdullah Al Kasabi |
5.0 |
1.25% |
3.50 |
0.88% |
|
Nawat Real Estate Investment Company |
5.0 |
1.25% |
5.00 |
1.25% |
|
Al Jazeel Arabian Holding Company |
2.0 |
0.50% |
1.40 |
0.35% |
|
Majed Abdullah Hamad Al Hogail |
2.0 |
0.50% |
1.40 |
0.35% |
|
Etihad Noorah Investment Company Limited |
1.25 |
0.31% |
0.875 |
0.22% |
|
Norah Al Malahi Foundation |
1.25 |
0.31% |
0.875 |
0.22% |
|
Ahmad Yousef Mohammed Salah Jamjoom |
0.5 |
0.13% |
0.350 |
0.09% |
|
Public |
-- |
-- |
120.0 |
30.00% |
|
Total |
400.0 |
100% |
400.0 |
100% |
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