Jeddah-based carton maker United Carton Industries Company (UCIC) has announced its intention to proceed with the initial public offering and listing of its ordinary shares on the main market of Saudi Exchange (Tadawul).
The application for registration and offer of 12 million shares, representing 30% of the company’s total issued share capital, by way of sale of the existing shares by the company’s selling shareholders, were approved by Capital Market Authority (CMA), last December. UCIC also received Tadawul’s conditional approval in the same month to list on Saudi Exchange’s main market. The final share price will be determined after the book-building period, and prior to commencement of the subscription period for individual investors.
Subscription is limited to participating parties and individual investors. Shares not subscribed by either of the two categories of investors shall be purchased by the company’s financial advisor Al Rajhi Capital, in its capacity as underwriter.
Established in 1988, UCIC is the region’s largest corrugated carton manufacturer, holding 40% of the local corrugated carton market. The group’s four subsidiaries focus on corrugated carton products, folding carton, molded pulp products, and containerboard (paper). UCIC’s eight state-of-the-art factories with a combined production capacity of about 4,91,000 metric tonnes manufacture a variety of products including regular slotted or die-cut cartons, shelf-ready high graphic packaging, corrugated stands, and digital printed boxes.
