RIYADH: Saudi home disposables manufacturer Napco National Co. no longer has plans for an initial public offering, its president Marwan Frem told Argaam.
Dammam-based Napco, which produces paper and hygiene products, holds up to 35 percent of the market share in the Kingdom, according to the executive.
The firm had earlier planned to float part of its capital in an initial share sale before the rise of the pandemic, but such plans are no longer on the table, Frem said.
The onset of the Ukraine-Russia war weighed on Napco’s shipping operations, given it exports to 54 countries, with the Gulf Cooperation Council contributing to 70 percent of sales, he added.
That said, Frem highlighted the current financial position of the company is healthy, noting that it witnessed an improvement since 2019.
