Legal Advisors Abdulaziz Alajlan & Partners ("Legal Advisors") advised Retal Urban Development Company regarding offering its shares for initial public offering in the Saudi Stock Exchange (Tadawul) according to a deal amounting to 1,440 million Saudi riyals (about USD 384 million). The final price of the public offering was set at 120 Saudi riyals (about USD 31,98) per share.
Legal Advisors advised Retal on all legal aspects of the transaction, which involved listing shares on Tadawul, and offering 12,000,000 shares, representing 30% of the company's capital, at an offer price of SAR 120 per share.
Retal is one of the leading developers of residential integrated lifestyle master plan communities offering a wide variety of facilities in the Kingdom of Saudi Arabia (KSA). Since the Company’s inception in 2012, it has played a key role in the development of the Kingdom’s real estate market, with some of its most iconic properties forming part of the Company’s integrated lifestyle master plan communities. The Company’s full portfolio features residential and commercial properties, schools and commercial and social complexes. Redefining the traditional approaches to property development, the Company’s integrated lifestyle master plan communities are distinguished by their leading design, high quality build and finishes and wide range of amenities.
The Legal Advisors team advising Retal was led by Robert Eastwood, and Nadine Nassar. They were supported by Reema AlSalem, Mohammed AlAbdulkarim, Ayatt Ashour and Tina-Maria Kassouf.
Speaking on the transaction, Robert and Nadine commented, “We have been privileged to work with Retal, who join the ongoing listing spree in the Gulf, and we have no doubt that this listing will further solidify its position in the real estate sector. This transaction was particularly interesting given the continued growth, investment and prominence of Retal in KSA. We are very pleased to once again support on a landmark IPO transaction following continued success in the region.”
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