Freshfields and Baker McKenzie have advised parties in relation to the initial public offering (IPO) of United International Holding Company (UIHC) on the main market of the Saudi Exchange.
UIHC, a subsidiary of United Electronics Company (eXtra), is one of the largest providers of Sharia-compliant consumer finance services in Saudi Arabia. It is the parent company of two subsidiaries: Tas’heel Finance, an Islamic consumer finance operator, and Procco Financial Services, a processing and outsourcing services company.
The company is selling 7.5 million shares, representing 30% of its issued capital. The final offer price has been set at SAR 132 per share.
The institutional book-building process generated an order book of SAR 131 billion (US$35 billion), resulting in a subscription coverage of approximately 132 times.
The company began trading on December 3, just days before its CEO passed away. Sakhr Abdulrahman Mohammed Al-Mulhem passed away on December 6, according to an announcement on the Saudi Exchange.
The Law Firm of Salah Al-Hejailan in association with Freshfields advised UIHC in relation to Saudi Arabia law, with the firm’s London office acting for the company outside the Kingdom, according to the IPO prospectus.
Baker McKenzie represented the joint-bookrunners and joint-underwriters, HSBC Saudi Arabia and EFG Hermes KSA, on the transaction. The cross-border team was led by Nadine Nassar, of counsel at Baker McKenzie in Saudi Arabia, and Charles Farnsworth, senior counsel at Baker McKenzie in London.
