Dammam-based Public Warehousing Company has issued an offering circular for 1.29 million shares on Saudi Arabia’s Nomu Parallel Market after obtaining the necessary regulatory approvals.

The company intends to increase its capital by offering additional new shares (1.29 million ordinary shares), representing 30 per cent of its capital after the offering (4.29 million shares) at a par value of SR10 per share, the company said in a statement.

Public Warehousing Company’s request to increase its capital from SR30 million to SR42.9 million, divided into 4.29 million shares was approved by Saudi Arabia’s Capital Markets Authority (CMA) on August 17, 2017.

The offering is scheduled to start from October 2, 2017 to October 15, 2017 for a period of ten working days. The subscription will be only for the qualified investors according to the requirements of registration rules and listing in the Parallel Market. Minimum subscription is 500 shares, while the maximum is 214,299 shares, the statement said.

Public Warehousing Company, established in 1989, specialises in constructing and managing storage facilities near major ports, airports and highways, in addition to the development of infrastructure and rehabilitation of logistics zones across the kingdom.