Saudi vehicle leasing company Riyal Investment and Development Company (Riyal Motors) will continue its IPO and listing on the stock exchange.
Riyal Investment will place 720,000 shares, or 9% of its capital, on Nomu, the parallel market of the Saudi Stock Exchange (Tadawul), its financial adviser Aldukheil Financial Group announced on Thursday.
The offer price will be determined before the start of the subscription period in October. The subscription runs from October 1st to 5th.
Last June, the Capital Markets Authority approved Riyal Investment’s IPO application and listing.
According to the prospectus, Riyal offers car and other vehicle rentals. She is also active in the sale of new and used vehicles.
(Writing by Cleofe Maceda; Editing by Brinda Darasha)
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