Abdullah A. M. Al-Khodari Sons Company, the Saudi contractor that listed in October, is to sell off some of its equipment and machinery in December to boost its balance sheet.
The company, based in the Eastern Region but with operations all over the Kingdom, stated to the Tadawul, Saudi’s stock exchange and the biggest Arab bourse, that it expects the auction to have a “positive impact on the company’s budget.
The auction will be conducted by Abdulla Fouad for International Auctions Company between 14th-16th December. Al-Khodari will announce the result of the auction after its completion.
KSC first announced it would float 12.75 million of shares in June, equivalent to 30% of the company, and the stock went live in October, just 10 days after the close of the initial public offering.
The company is based in the Eastern Region with a focus on civil, infrastructure and commercial projects among others. Since listing it has won a new road project and a contract worth SR86.3 million from the interior ministry to build an airport in Umm Mulh in the south of the Kingdom.
Al-Khodari’s shares fell 1.9% to SR46.3 yesterday, with the Building & Construction index also falling 1.2%.
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