International law firm Baker & McKenzie has advised Saudi Arabia’s Najran Cement Co (NCC) on its initial public offering, valued at 850 million riyals ($227 million), which was oversubscribed by investors.

The Baker & McKenzie team was led by Riyadh-based corporate partner Karim Nassar, and assisted by associate Aisha Gondal. “We are really pleased to have assisted NCC on this very significant transaction. Despite facing unique challenges, the transaction was successfully closed due to the dedication of all the teams involved,” said Nassar.

Saudi Fransi Capital was the financial adviser on the transaction.

Part of the proceeds from the offering was paid to NCC to finance the expansion of the company’s cement plant at Sultana in the Najran Province. The remainder was paid to the selling shareholders proportionate to the number of offer shares sold by each selling shareholder.

NCC is a joint stock company listed on the Saudi Stock Exchange with a paid up capital of 1.7 billion riyals. ALB

Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.

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