In one of the first initial public offerings (IPOs) of 2013, Clyde & Co LLP in association with Abdulaziz Al-Bosaily Law Office has advised Northern Region Cement Company (NRC) on its IPO of 90 million shares at SAR 10 a share. The IPO represents 50% of the company's share capital at an aggregate offer price of SAR 900 million (equivalent to approximately USD 240 million).

The Clyde & Co team was led by partners Abdulaziz Albosaily and Philip O'Riordan together with senior associate Saud Alarifi.

Abdulaziz Albosaily, Partner in Riyadh, said: “We are really pleased to have advised NRC on this significant transaction. There appears to be an increased appetite for IPOs in the Kingdom and we are delighted to have worked with NRC on the first one of 2013.”

Sulaiman Saleem Al-Harbi, Chairman of of NRC said "We are very pleased to have worked with Clyde & Co on this transaction and have valued their input and support in addressing the legal and technical challenges ".

NRC is a Saudi Joint Stock Company headquartered in Arar in the northern region of Saudi Arabia. The company’s main business is the production of ordinary portland cement and sulphate resistant cement together with the trading of cement both inside and outside the Kingdom. The proceeds from the offering will, amongst other things, finance the expansion of the company’s existing cement plant.

http://www.clydeco.com/news/articles/clyde-co-advises-northern-region-c…