Morabaha Marina Financing Company (MRNA), a fully independent non-banking financial institution (NBFI), announced its intention to proceed with an initial public offering (IPO) of its ordinary shares on the Saudi Exchange’s Main Market (Tadawul).
On 26 December 2022G, the Capital Market Authority (CMA) approved the Company’s application for the initial public offering of 21,428,572 Offer shares, representing 30% of the Company’s issued share capital post capital increase, by way of primary issuance. The final offer price of the Offer Shares will be determined at the end of the book-building period.
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The planned IPO marks another major milestone in MRNA’s continued growth and transformation. In the past 12 months, the Company has acquired Digital Payments Company for FinTech (Loop), a digital payments technology and services provider, and undertaken a company rebranding to “MRNA”, which crystalizes its core values and culture as a Saudi business, while supporting its ambitious long-term vision for its financing activities and its sector.
Abdulrahman Mohammed Al-Ghumlas, Chairman of MRNA, commented: “The IPO provides an attractive opportunity for investors to participate in a sector that continues to grow from strength to strength. With both social and macroeconomic tailwinds that support our accelerating growth, this is an exciting time to be inviting investors to share and invest in our onward journey of success.”
Waleed Al-Ghumlas, Managing Director of MRNA, said: “We have achieved continuous growth and strong financial performance; with net Islamic financing receivables amounting to 1.0 billion riyals as of 30 June 2022. In April of last year, we increased our capital from 311.4 million riyals to 500.0 million riyals, a milestone made possible by the dedication and support of our management team, our Board and our current shareholders.
“Building on our strong track record in providing a wide range of financing solutions to individuals and SMEs, our IPO will accelerate our growth plans through additional finance capacity, and support our goal to enable the development of an integrated financial ecosystem in line with Saudi Vision 2030,” Al-Ghumlas added.
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