On March 11, Yaqeen Capital signed an agreement with the Saudi Leather Industries Company (SLIC) to arrange its Initial Public Offering (IPO) on the Main Market of the Saudi Stock Exchange (Tadawul).
In a statement to Tadawul, Yaqeen Capital announced that the IPO and listing process would follow multiple phases,
starting from the agreement signing and continuing until regulatory approvals are obtained from the Capital Market Authority (CMA), leading to the actual listing of SLIC’s shares.
The company further stated that this agreement is expected to generate financial revenues,
the value of which will be determined based on the progress of the IPO process, the CMA’s approval, and the commencement of trading in the market.
Financial Impact
Yaqeen Capital also highlighted that once all IPO and listing phases are completed,
the total revenue generated from the transaction is expected to exceed 5% of its total annual revenue, based on its latest audited financial statements for 2024.
About SLIC
Saudi Leather Industries Company (SLIC) is a Saudi-based manufacturer specializing in work footwear, military footwear, and casual shoes.
The company was established in 1981 as a joint venture with the U.S.-based Wolverine Worldwide.
SLIC operates a 15,000-square-meter manufacturing facility in Dammam’s Second Industrial City, Eastern Province, where it produces high-quality safety footwear.
It is a key supplier of work boots to major companies, including:
- Saudi Aramco
- Saudi Electricity Company (SEC)
- Saudi Basic Industries Corporation (SABIC)
- Various other companies and institutions within and outside the Kingdom.
This IPO marks a significant milestone for SLIC as it seeks to expand its market presence and strengthen its position in the regional and global footwear industry.
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