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UAE-based building materials manufacturer Harwal Group is set to merge two of its companies and list the combined entity on Saudi Arabia’s NOMU market to fund its GCC expansion.
Banking on the kingdom’s construction boom, including giga projects, Harwal plans to merge TSSC KSA and Interplast Riyadh, which have a combined annual turnover of SAR 355 million ($100 million), before listing the entity.
Riyadh-based Alinma Investment Company (AIC) is expected to be appointed financial advisor and bookrunner for the IPO imminently. The IPO is expected to take place in H2 2025.
Harwal Group has interests in the UAE, Saudi Arabia, USA, Mexico, China and the UK, employing around 5,000 people across 40 factories and 28 business units.
The company is a leading plastics converter in the region and sells building and housing systems as well as mechanical, engineering and plumbing (MEP) products in the MENA, Europe and the USA.
TSSC KSA, which is 40% owned by Saudi Arabia’s Abdul Mohsen Al Hokair & Sons LLC and headed by Faisal Al Hokair as CEO, manufactures a range of products from roofing and cladding materials, prefabricated shelters and factory manufactured houses and modular houses.
The remaining 60% is owned by UAE-based Technical Supplies & Services Co.
Interplast Riyadh is owned by Interplast UAE, which has shareholders including UAE-based public and private entities, and is a manufacturer of plastic compounds, aluminium composite panels and MEP systems.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)