Mutlaq Al-Ghowairi Contracting Company (MGC) will not proceed with its planned listing on the Saudi Exchange's Main Market, joint financial advisors Al Rajhi Capital and Morgan Stanley Saudi Arabia announced on 9 June 2026.

The decision comes despite the offering having been multiple times oversubscribed during the institutional bookbuilding period — according to the joint advisors' announcement — which closed on 4 June 2026 with a price range of SAR 11.00–12.50 per share.

The company cited a reassessment of its "objectives and strategic priorities" — along with those of its selling shareholders — as the reason behind the withdrawal. No further details were provided.

Individual investors who were preparing for the subscription window (originally scheduled for 15–17 June 2026) will not be able to participate, as that stage has been cancelled along with the rest of the offering.

MGC stated it remains committed to its expansion plans and intends to revisit an IPO in the future, though no timeline was given.