Global law firm White & Case LLP has advised Samba Capital & Investment Management Company, the Saudi Arabian-based provider of asset management, brokerage, investment banking and corporate finance services, in its capacity as lead underwriter on the initial public offering of Electrical Industries Company (EIC).
The IPO, which was completed successfully in November 2014, consisted of 13.5 million newly issued shares in EIC with an aggregate value of SAR 729 million. EIC is a leading Saudi company in the electrical industries field.
Riyadh-based White & Case counsel Robert Vydra said: "We’re very pleased to continue supporting Samba Capital. This transaction, which further underlines our capital markets capabilities in the Gulf Cooperation Council region, comes at a time of significant opportunities to grow our capital markets practice in Saudi Arabia in the light of the plans of the Capital Market Authority to open investment in listed shares to foreign investors this year."
White & Case previously advised Samba Capital, in its capacity as sole underwriter, on the SAR 630 million IPO of Al Hammadi Company for Development & Investment, which owns, operates and manages hospitals.
The White & Case team in Riyadh was led by Counsel Robert Vydra and included partner Dr. Waleed Al-Nuwaiser with support from associates Mishari Alabbad and Zeyad Al-Salloum.
The Firm has been active in Saudi Arabia since the 1950s, with an office presence in the country since 1989 from which clients are provided with both Saudi Arabian and international legal services. The legal team in Riyadh advises international investors and lenders, private companies, the Saudi government and Saudi public institutions on a range of issues and can call on the support of lawyers in the Firm’s other Gulf Cooperation Council offices (Doha and the United Arab Emirates) as well as the White & Case network worldwide.
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