The independent non-bank finance company said in a statement on Sunday that it intends to sell a 30% stake, equivalent to 21.4 million shares, with a price range between 13 Saudi riyals (3 $.47) and 14.6 riyals per share, making the total volume of the offering between 278.6 million riyals ($74.29 million) and 312.9 million riyals.
The final offering price is expected to be announced on May 21, following the completion of the institutional bookmaking process. The company did not disclose an expected date for the start of trading in the shares.
The company will use the net proceeds from the sale of shares to strengthen its capital and support future growth in financing activities.
The Flexible Murabaha Company, which was established in 2012, provides Shariah-compliant financing services to individuals and small and medium enterprises in Saudi Arabia.
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