Mutlaq Al-Ghowairi Contracting Company (“MGC” or the “Company”) confirms, after consulting with its financial advisers, that it has decided to postpone its planned initial public offering (“IPO” or “Offering”) on the Main Market of the Saudi Exchange at this time.

The Offering attracted significant interest from international, regional and local investors, with the institutional book covered multiple times at the upper end of the price range, reflecting the quality of the Company’s business, market position and long-term growth prospects. Following the completion of the institutional book-building process and careful consideration of the objectives and strategic priorities of the company and its selling shareholders, the Company has decided to postpone the Offering and will continue to evaluate the most appropriate timing to proceed with the Offering.

MGC’s operational and financial fundamentals remain strong, and this decision does not impact the Company’s day-to-day operations, client relationships, project delivery, or strategic priorities. The Company maintains a strong financial position that enables it to continue executing its planned projects and fulfilling its contractual obligations across the Kingdom.

MGC remains highly confident in its growth strategy and reaffirms its commitment to supporting critical infrastructure and development projects, in line with the Kingdom’s ongoing transformation under Vision 2030.