Al Majed For Oud Company Announces Its Intention To Float On The Saudi Exchange’s Main Market

Al Majed for Oud Company (the “Company” or the “Issuer”), one of the leading manufacturers and developers of perfume and oud products in the Kingdom of Saudi Arabia (the “Kingdom”) and increasingly the Gulf Cooperation Council (the “GCC”) countries, today announces its intention to proceed with an initial public offering (the “IPO” or “Offering”) and the listing of its ordinary shares (the “Shares”) on the Saudi Exchange’s Main Market. 
 
On 3 June 2024G, the Capital Market Authority (the “CMA”) approved the Company’s application for the registration and offer of 7,500,000 Shares (the “Offer Shares”, and each an “Offer Share”), representing 30% of the Company’s total issued share capital, by way of the sale of existing shares by the Company’s selling shareholders (“Selling Shareholders”[1]). The Company also received the Saudi Exchange’s conditional approval on 04 February 2024 to list on the Main Market of the Saudi Exchange.
The Offering proceeds shall be distributed to the Selling Shareholders after deduction of the Offering expenses in proportion to the number of Offer Shares to be sold by each of them. The Company shall not receive any part of the Offering Proceeds. 
 
Majed Ali Othman Al Majed, Chairman of Al Majed for Oud commented on the occasion, “For over six decades, Al Majed for Oud has grown to become a major player in the regional oud and perfume industry. Our dedication to tradition and quality has allowed us to earn the trust and loyalty of our customers. As we prepare to list on the Saudi Exchange, we are poised to begin a new chapter that integrates our rich legacy with innovation and strategic expansion. This IPO serves as a testament to our growth and corporate governance, reinforcing our commitment to maintaining the highest standards of excellence for our stakeholders.”
 
Waleed Al Majed, Managing Director and CEO of the Company said: “Today marks a new milestone as we announce our intention to list on the Saudi Exchange’s Main Market. This step forward has been made possible by the support of our wise leadership, whose relentless efforts to advance the Saudi retail sector have played an instrumental role in our growth journey, in line with the Vision 2030. This listing is driven by a strategic ambition to diversify our investor base and strengthen our business operations to accelerate our growth and expansion strategy both locally and internationally. We remain committed to delivering the highest quality of products to exceed customer expectations while maintaining transparency to enhance profitability and maximize shareholder value.” 
 
For more information, visit: https://ipo.almajed4oud.com and www.almajed4oud.com.