Riyadh – Mubasher: Deutsche Gulf Finance Company, a 31.62% subsidiary of Saudi Advance Industries Company (SAIC), has obtained the initial approval of the Central Bank of Saudi Arabia (SAMA) to offer its shares on the main financial market.
This step is part of SAIC's objective to list its fellow companies in the financial market to enhance the shareholders' equity and the company's financial position, according to a bourse filing on Sunday.
This approval is subject to the final no-objection of the central bank and the necessary approvals from the concerned authorities within a year from its date.
It is noteworthy to mention that in the first quarter (Q1) of 2022, SAIC logged net profits after Zakat and tax worth SAR 30.94 million, an annual hike of 81.46% from SAR 17.05 million.
