Industry, Logistics & Shipping

PureHealth Holding IPO fully subscribed on first day

 
PureHealth Holding, one of the largest healthcare platforms in the Middle East, has confirmed robust interest in its Initial Public Offering (IPO) on the first day of the subscription period. 
 
The final offer price has been set at AED3.26, resulting in an offering of 1.11 billion shares, (representing 10% of the share capital of the company), worth AED3.62 billion ($986 million).
 
The subscription period will close on December 11 for both retail and professional tranches. The company intends to list its shares on the Abu Dhabi Securities Exchange (ADX) on December 20.
 
"We have seen an overwhelmingly strong demand for the IPO as it is fully subscribed on the opening day. I am incredibly excited to see the strong interest from investors and overall positive reception," remarked its Founder and Managing Director Farhan Malik.
 
"The IPO offers investors an attractive value proposition and the chance to be part of PureHealth’s journey, which is in itself a unique opportunity, we are on a strong growth trajectory with our recent international acquisitions and ambitious future plans, backed by the visionary leadership of Abu Dhabi and the UAE. Following this initial response, we look forward to our listing date with ADX, a significant milestone for PureHealth," he added.-TradeArabia News Service

Industry, Logistics & Shipping

NWC completes key water, sanitation projects in Riyadh

Saudi Arabia's National Water Company (NWC) has announced the completion of three major water and sanitation projects in Al Kharj and Al Sulayel governorates in Riyadh region.
 
The scope of work includes construction of over 119km piplelines and networks at a total cost of over SAR210 million ($56 million), said NWC in a statement. 
 
In Al Kharj governorate, NWC has completed phase six of the sewage lines and networks, extending over 47.5km and expanded the lifting station to a capacity exceeding 57,000 cu m per day. 
 
At a cost of over SAR131 million, this development will enhance services for the districts of Al-Worood, Al Fursan, Al Aaliya, and Al Asamiya, said the statement.
 
NWC has also completed the installation of eight water networks that connect existing lines to desalinated water lines, covering nearly 3km in total. 
 
This project will enhance water service to the districts of Al Jawhara, Al Muhammadiyah, Al Hanakia,  Al Munifiya, Al Nasifah, East Al Nasifah, Al Rashdan, Al Slamiya, Maqboula, Rafi'a, North Rafi'a, Al Faiha'a, and Bad'a bin Arfaj, at a cost exceeding SAR4.4 million.
 
In Al Sulayel governorate, NWC said it has completed phase one work of the sewage networks spanning 68.5 km. Also it has built a lifting station with a daily capacity of around 30,000 cu m at a total cost of SAR75 million.
 
The Saudi company said these projects were part of its ongoing efforts to enhance the water distribution system, reduce environmental impact, and achieve water security and environmental sustainability. 
 
NWC reiterated its commitment to executing its strategic plans to improve the operational efficiency of the water and environmental sectors, while adhering to the highest standards of quality and performance and contributing to the objectives of the Saudi Vision 2030.-TradeArabia News Service

Industry, Logistics & Shipping

Saudi NWC completes $123m Riyadh sanitation project

Saudi Arabia's National Water Company (NWC) has announced that its Central Cluster has completed a SAR460-million ($123 million) sewerage project as part of its strategic plans to enhance water and environmental infrastructure, improve operational efficiency, and support the urban and architectural growth of capital Riyadh.
 
The scope of work includes the installation of over 297 -km-long pipelines and networks as well as setting up of a lifting station with a 55,000 cu m per day capacity, said NWC in a statement. 
 
This project aims to provide sewerage services through home connections, benefiting more than 198,000 beneficiaries while reducing environmental damage and addressing visual distortions, it stated.
 
NWC continues to accelerate the implementation of its key infrastructure projects, ensuring they are completed on time and also meet all performance indicators s well as improving the service levels and achieving the objectives of this vital sector.-TradeArabia News Service