Mutlaq Al-Ghowairi Contracting Co. (MGC) launched institutional book-building this week for a Tadawul main-market IPO targeting up to SAR 3 billion in proceeds. The company set its price range at SAR 11 to SAR 12.50 per share, targeting SAR 2.6 to SAR 3.0 billion ($690 to $800 million) in proceeds, according to AGBI. The offering covers 240 million shares, representing 30% of MGC's capital. Institutional book-building runs through June 4, 2026, with retail subscription scheduled for June 15 to 17 and final allocation on June 21. The top end of the range implies a valuation of roughly SAR 10 billion, with Al Rajhi Capital and Morgan Stanley Saudi Arabia acting as joint global coordinators, per Saudi Market Monitor. Two additional listings advanced during the week: MSGA Investment plans to float 11.1 million shares, or a 10% stake, on Nomu from June 17 to 24, while Gulf Insulation Group filed a CMA application to list on the main market. The Tadawul All Share Index (TASI) closed the week at 11,002 points, down 0.1% on June 3 after a flat session on June 2 and a 0.6% decline on June 1.
SGS wins SAR 6.3B Saudia ground-handling contract
Saudi Ground Services Co. (SGS) received an award letter from Saudia on May 21, 2026 for ground-handling services, the company said in a Tadawul disclosure. The contract runs five years from April 1, 2026 to March 31, 2031 and is valued at SAR 6.3 billion. Saudia is a related party to SGS. The company said the contract will support business sustainability and operational performance. In other contract activity, Arabian Internet and Communications Services Co. (solutions) signed a SAR 484.78 million, 36-month contract with stc on May 30 to establish and develop internet and communications networks, with financial impact starting Q3 2026. Arabian Pipes Co. signed a SAR 62 million steel-pipe supply contract with Saudi Aramco for execution over 10 months. Bupa Arabia renewed its health-insurance contract with SABIC for one year from July 4, 2026, with contract value expected to exceed nearly 5% of Bupa Arabia's 2026 gross written premiums.
TASI ends week at 11,002 points
Tadawul's benchmark closed the week marginally lower with turnover moderating across sessions. TASI closed at 11,010 points on June 1, down 0.6% or 68 points, with turnover of nearly SAR 7.6 billion, per Argaam. The index closed flat at 11,016 points on June 2, up 6 points, with turnover of about SAR 5.7 billion. TASI ended June 3 down 0.1% or 14 points at 11,002, with turnover of about SAR 4.4 billion and an intraday range of 10,976 to 11,048. Saudi Aramco 2222 shares rose to SAR 27.38 on June 2. Saudi Printing slipped 3% on the same day after its board recommended an 89.42% capital cut to offset accumulated losses.
Tadawul opens consultation on debt-market rules
The Saudi Exchange Co. published draft amendments to the exchange rules for public consultation, with feedback due by June 14, 2026. The proposed amendments aim to strengthen the sukuk and debt market through enhanced securitization regulation and disclosure obligations for asset-backed debt instruments, according to Argaam. Separately, the Capital Market Authority accepted a request to register a class action filed by an investor against certain board and audit-committee members of Raydan Food Company, per a Saudi Exchange disclosure. The Saudi Exchange also set a new fluctuation-limit reference price of SAR 26.64 for Asas Makeen Real Estate Development and Investment Co. following EGM approval of a 200% capital hike via bonus issue.
Al Ramz, SARCO advance M&A and asset moves
Al Ramz Real Estate Co. 4327 signed agreements to acquire the remaining 77% of units in the Al Ahli Aleen Enbar Real Estate Fund for SAR 133 million, lifting ownership to 100%, according to Zawya. The fund owns the Qurtuba 2 mixed-use project in Riyadh, spanning approximately 130,386 sqm with 1,800 residential and 250 commercial units planned. Saudi Arabia Refineries Co. (SARCO, 2030) said its subsidiary signed a non-binding memorandum of understanding to acquire a 33% stake in Global Waste Solutions, per a Tadawul disclosure. Etihad Etisalat Co. (Mobily) shareholders, at the Ordinary General Meeting held May 21, authorized the board to distribute interim dividends on a semi-annual or quarterly basis for 2026.
Outlook
Institutional book-building for the MGC IPO closes on June 4, with pricing scheduled for June 8, retail subscription June 15 to 17, and final allocation on June 21. MSGA Investment's Nomu subscription window opens June 17 and runs through June 24. The Saudi Exchange's public-consultation window on draft amendments to the exchange rules closes June 14. Future Care Trading Company 9544 has opened electronic voting on its OGM agenda items, with the meeting to follow.