Riyadh – Mubasher: Faisal Al-Munif, CEO of Al-Munif Pipes Company, owner of National Pipes Company, revealed that the company intends to float 20% of its shares on the Saudi Stock Exchange (Tadawul), aiming to raise around SAR 110 million .

Al-Munif said on Sunday that the company specializes in the plastic pipe industry and holds a market share of between 20% and 25% in this sector within the Kingdom, according to what he stated in an exclusive interview with Al Arabiya Business .

Al-Munif added that the company's total local investments exceeded 700 million riyals, while investments in Egypt amounted to more than 45 million dollars .

The CEO confirmed that the proceeds from the offering will be used for industrial expansion and increased production capacity within the Kingdom, as part of the company's strategy to strengthen its position in the local market and expand regionally in the plastic pipe sector .

Al-Munif added that the company has increased its investment volume in recent years within the Kingdom, and began investing abroad 10 years ago, investing in Egypt by establishing a Saudi company in Egypt with 100% Saudi capital. Production began in 2015, noting that the Egyptian market is very attractive, and the company seeks to expand there in the coming period .

He continued, "Our investments in Egypt have doubled. We have factories in 6th of October City, and now we have other production plants in Sadat City, due to the expansion of Egyptian national projects." He noted that the beginning witnessed some difficulties, but they were overcome .