- Saudi's leading logistics and supply chain solutions provider, Sal, announced its intention to offer 30% of its shares in the Saudi main market, after obtaining the approval of the Capital Market Authority and Saudi Tadawul. The company will offer 24 million shares owned by its current shareholders, Saudi Arabian Airlines General Corporation, which owns a 70% stake, and Tarabot Air Cargo Services Limited, which owns 30%.
- SAL's market share has reached approximately 95%, covering 18 airports in Saudi Arabia, and it intends to invest 906 million riyals within its medium-term plans. The upcoming offering, alongside the current offerings of Addis and Lumi, indicates the return of IPO momentum to the Saudi market, after it witnessed a relatively slow start this year.
Why it matters
SAL is a dominant player in the Saudi Arabian cargo handling industry, with reported revenues of 1.22 billion riyals ($325 million) in 2022 and a net income of 362 million riyals. In the first half of this year, SAL experienced a 15 percent year-on-year growth in revenue.