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 * Public Offering
 * IPO Timeline
 * Useful Resources
 * Contacts

العربية

 * 
 * Home
 * About Miahona
 * The CEO Message
 * Public Offering
 * IPO Timeline
 * Investment Highlights
 * FAQs
 * Useful Resources
 * Receiving Agents
 * Contacts

© 2024 Miahona, All rights reserved. Site by



INVESTING IN THE ESSENCE OF LIFE

We are leaders in water cycle management, operating across the circular water
economy, serving municipal and industrial customers.

More About IPO
Scroll




ABOUT MIAHONA

Miahona is a Saudi joint-stock company that began operations in 2008 and was one
of the first developers of water and wastewater infrastructure under the
public-private partnership (“PPP”) model in the Kingdom of Saudi Arabia.

Headquartered in Riyadh, Saudi Arabia, the Company is one of the leaders in
water cycle management, operating across the circular water economy, and serving
municipal and industrial customers. With over 15 years of unique PPP experience,
Miahona provides end-to-end solutions in the water sector with a presence across
the complete water value chain including water production, water distribution,
wastewater collection, wastewater treatment, TSE reuse , billing, collection &
customer service.

The Company has a strong commitment to sustainability, by reducing water losses,
increasing water recycling, and treating effluents and pollutants.


MIAHONA’S BUSINESS SEGMENTS

CONCESSIONS

80
%
Representing 92% of the Company’s revenue as of FY 2023.

The Concessions segment involves long-term contracts for the development and
rehabilitation of water and wastewater treatment plants, where the Company is
responsible for designing, constructing, and operating the plant.

OPERATION & MAINTENANCE

80
%
Representing 8% of the Company’s revenue as of FY 2023.

The Operation & Maintenance involves short- to medium-term contracts for the
operation and management of own and third-party projects.


THE CEO MESSAGE

Miahona has succeeded in achieving remarkable growth over the past years, which
enhances its ability to benefit from the tremendous growth and development
process witnessed by the Kingdom.

Private sector participation in the water and wastewater sector is one of the
main pillars of economic transformation in the Kingdom.

Based on our leading position in the sector, we are confident in our ability to
contribute to the development of new projects in the water and wastewater sector
as part of this transformation and continued growth.

ENG. AWAADH AL OTAIBI

Chief Executive Officer (CEO)



MIAHONA IN NUMBERS

80

long-term concession contracts
80

major cities in KSA where Miahona is present
80

m3/day wastewater infrastructure
80

m3/day potable water infrastructure
80

(SAR) billion project backlog
80
%
Revenue CAGR (2021-2023)


INITIAL PUBLIC OFFERING (IPO)

Miahona intends to offer 30% of its share capital through an initial public
offering (IPO) and listing of shares on the Main Market of the Saudi Exchange.

All the Offering Shares will be offered to institutional investors with a
claw-back by the retail investors of up to 20%, as determined by the Joint
Financial Advisors.


80

ordinary shares will be listed on the Saudi Exchange’s Main Market
80
%
of Miahona’s issued share capital of 160,925,543 shares offered by the current
shareholders
80
%
or 48,277,663 Offer Shares will be offered to institutional investors
80
%
or 9,655,532 shares will be clawed back to be offered to retail investors



IPO TIMELINE 2024

 * 24Apr
   
   ITF, Prospectus Publication
   
   
 * 29Apr
   
   Price Range Announcement, Bookbuilding Start
 * 02May
   
   Bookbuilding End
 * 07May
   
   IPO Price Announcement, Provisional Allocation Notice
 * 09May
   
   Deadline to Submit Subscriptions
 * 13May
   
   Deadline to Fund Provisional Allocation
 * 21May
   
   Retail Offering Start
 * 22May
   
   Retail Offering End
 * 26May
   
   Final Allocation Notice
 * 30May
   
   Refunds
 * 06Jun
   
   Listing

24Apr
ITF, Prospectus Publication
29Apr
Price Range Announcement, Bookbuilding Start
02May
Bookbuilding End
07May
IPO Price Announcement, Provisional Allocation Notice
09May
Deadline to Submit Subscriptions
13May
Deadline to Fund Provisional Allocation
21May
Retail Offering Start
22May
Retail Offering End
26May
Final Allocation Notice
30May
Refunds
06Jun
Listing


INVESTMENT HIGHLIGHTS

Fast growing and defensive sector
01

FAST GROWING AND DEFENSIVE SECTOR

 * Miahona is a leading player in the water and wastewater sector in the
   Kingdom, with a proven track record of performance and commitment to
   innovation.
 * The first wastewater infrastructure project under the PPP model in Jeddah
   Industrial City is managed by Miahona.
 * With the first-mover advantage in the PPP sector, Miahona has six projects
   under long-term concessions with government and government-related entities
   and a further six projects on the Operation & Maintenance contract structure.
 * The total capacity of wastewater infrastructure projects portfolio is
   1,026,500 m3/day and a network of 221 km (incl. Spark project: 326 km) and
   potable water infrastructure of 102,800 m3/day with a total network of 248 km
   (incl. Spark project: 342 km).
 * Miahona operates in a well-regulated industry, following the introduction of
   the National Water Strategy by the Ministry of Environment, Water and
   Agriculture in 2017.
 * The National Water Strategy aims to improve water and sanitation management
   and increase private sector participation, reducing non-revenue water to 25%
   (current average: 40%), increasing the percentage of water reuse from 17% in
   2017 to 70% in 2030, increasing the coverage of water services from 87% to
   95%.

Well-positioned for continued growth supported by a solid project pipeline
02

WELL-POSITIONED FOR CONTINUED GROWTH SUPPORTED BY A SOLID PROJECT PIPELINE

 * Miahona is well positioned to benefit from the growing demand for water and
   wastewater services in the Kingdom, driven by specific factors such as
   population growth, urbanization, and the Kingdom’s water sector strategies
   within the framework of Vision 2030, including privatization projects, PPP,
   and regulatory changes.
 * The government has announced a solid pipeline of new water/wastewater
   projects to be tendered to the private sector and management believes Miahona
   is well placed to benefit, having been awarded or selected as the preferred
   bidder at a win rate of 80% in the last three years.
 * The Company's competitive strengths lie in its ability to develop projects,
   and in its ability to manage operations and maintenance of a broad base of
   assets and contracts with diversified cash flows across the project life
   cycle.
 * The overall impact of privatization, government initiatives regarding PPP,
   and macroeconomic factors create a large market opportunity for the Company
   to leverage its leading position and deep sector experience.
 * The Kingdom’s population is expected to grow at a rate of 3.6% to 38.4
   million people in 2027, with water demand expected to increase from 5.2
   billion cubic meters annually in 2022 to 5.9 billion cubic meters annually in
   2027.
 * The company's major customer SWPC has announced a seven-year plan to increase
   sewage treatment capacity by ~2.3 million m³ by 2027. Despite this planned
   expansion, there remains a capacity gap of ~2 million m³ as identified in
   Vision 2030, which necessitates further investment. Consequently, there is a
   substantial market opportunity available for the company. The company intends
   to enhance its market share by leveraging this potential growth.
 * NWC, at the recent GWI conference, indicated a large pipeline of projects,
   which will demand substantial investment. The company aims to capture
   increased market share within this pipeline of projects.
 * NWC's six regional clusters are in phase 1 under Manage-Operate-Maintain
   (MOM) contracts with a 7-year tenure. These will transition to long-term
   concession arrangements in phase 2. The company has been awarded 2 MOM
   contracts in phase 1, enhancing its chances of success in the phase 2
   tendering process. Phase 2 will encompass the entire water value chain and
   may have an expected term of over 30 years. Transitioning the six clusters
   will require an estimated additional investment of more than ~SAR 25 billion,
   offering substantial growth opportunities for the company.
 * Furthermore, the government’s target to increase water reuse to 70% (current
   level: 22%) will bring significant business opportunities. The Company is
   well positioned to capture market share of reuse.
   

Track record of operational excellence, backed by a diverse project portfolio
03

TRACK RECORD OF OPERATIONAL EXCELLENCE, BACKED BY A DIVERSE PROJECT PORTFOLIO

 * Miahona is considered one of the leading private sector companies and was the
   first company in the Kingdom working to develop water and wastewater
   infrastructure according to the public-private partnership model, providing
   sustainable solutions for industrial and municipal facilities.
 * The Company is present across Saudi Arabia’s eight major cities and has
   operations that cover the entire water sector cycle from extraction and
   supply to collection and recycling.
 * With a commitment to operational excellence, the Company’s integrated model
   allows it to optimize its operations, reduce waste, and ensure consistent
   supply. For example, Miahona implemented a number of efficiency and
   productivity measures, with the percentage of water loss (leakage) reaching
   less than 10%, compared with the Kingdom’s Vision 2030 target of less than
   25% and the current average in the Kingdom of 40%.
 * Miahona remains at the forefront of adopting new technologies and innovative
   solutions, partnering with internal expert teams such as development,
   technical, financial, legal, and project management.
 * Its proven track record and strong technical and operational know-how
   uniquely position Miahona to re-tender for its existing contracts at the time
   of renewal.

FAST GROWING AND DEFENSIVE SECTOR

 * Miahona is a leading player in the water and wastewater sector in the
   Kingdom, with a proven track record of performance and commitment to
   innovation.
 * The first wastewater infrastructure project under the PPP model in Jeddah
   Industrial City is managed by Miahona.
 * With the first-mover advantage in the PPP sector, Miahona has six projects
   under long-term concessions with government and government-related entities
   and a further six projects on the Operation & Maintenance contract structure.
 * The total capacity of wastewater infrastructure projects portfolio is
   1,026,500 m3/day and a network of 221 km (incl. Spark project: 326 km) and
   potable water infrastructure of 102,800 m3/day with a total network of 248 km
   (incl. Spark project: 342 km).
 * Miahona operates in a well-regulated industry, following the introduction of
   the National Water Strategy by the Ministry of Environment, Water and
   Agriculture in 2017.
 * The National Water Strategy aims to improve water and sanitation management
   and increase private sector participation, reducing non-revenue water to 25%
   (current average: 40%), increasing the percentage of water reuse from 17% in
   2017 to 70% in 2030, increasing the coverage of water services from 87% to
   95%.

WELL-POSITIONED FOR CONTINUED GROWTH SUPPORTED BY A SOLID PROJECT PIPELINE

 * Miahona is well positioned to benefit from the growing demand for water and
   wastewater services in the Kingdom, driven by specific factors such as
   population growth, urbanization, and the Kingdom’s water sector strategies
   within the framework of Vision 2030, including privatization projects, PPP,
   and regulatory changes.
 * The government has announced a solid pipeline of new water/wastewater
   projects to be tendered to the private sector and management believes Miahona
   is well placed to benefit, having been awarded or selected as the preferred
   bidder at a win rate of 80% in the last three years.
 * The Company's competitive strengths lie in its ability to develop projects,
   and in its ability to manage operations and maintenance of a broad base of
   assets and contracts with diversified cash flows across the project life
   cycle.
 * The overall impact of privatization, government initiatives regarding PPP,
   and macroeconomic factors create a large market opportunity for the Company
   to leverage its leading position and deep sector experience.
 * The Kingdom’s population is expected to grow at a rate of 3.6% to 38.4
   million people in 2027, with water demand expected to increase from 5.2
   billion cubic meters annually in 2022 to 5.9 billion cubic meters annually in
   2027.
 * The company's major customer SWPC has announced a seven-year plan to increase
   sewage treatment capacity by ~2.3 million m³ by 2027. Despite this planned
   expansion, there remains a capacity gap of ~2 million m³ as identified in
   Vision 2030, which necessitates further investment. Consequently, there is a
   substantial market opportunity available for the company. The company intends
   to enhance its market share by leveraging this potential growth.
 * NWC, at the recent GWI conference, indicated a large pipeline of projects,
   which will demand substantial investment. The company aims to capture
   increased market share within this pipeline of projects.
 * NWC's six regional clusters are in phase 1 under Manage-Operate-Maintain
   (MOM) contracts with a 7-year tenure. These will transition to long-term
   concession arrangements in phase 2. The company has been awarded 2 MOM
   contracts in phase 1, enhancing its chances of success in the phase 2
   tendering process. Phase 2 will encompass the entire water value chain and
   may have an expected term of over 30 years. Transitioning the six clusters
   will require an estimated additional investment of more than ~SAR 25 billion,
   offering substantial growth opportunities for the company.
 * Furthermore, the government’s target to increase water reuse to 70% (current
   level: 22%) will bring significant business opportunities. The Company is
   well positioned to capture market share of reuse.
   

TRACK RECORD OF OPERATIONAL EXCELLENCE, BACKED BY A DIVERSE PROJECT PORTFOLIO

 * Miahona is considered one of the leading private sector companies and was the
   first company in the Kingdom working to develop water and wastewater
   infrastructure according to the public-private partnership model, providing
   sustainable solutions for industrial and municipal facilities.
 * The Company is present across Saudi Arabia’s eight major cities and has
   operations that cover the entire water sector cycle from extraction and
   supply to collection and recycling.
 * With a commitment to operational excellence, the Company’s integrated model
   allows it to optimize its operations, reduce waste, and ensure consistent
   supply. For example, Miahona implemented a number of efficiency and
   productivity measures, with the percentage of water loss (leakage) reaching
   less than 10%, compared with the Kingdom’s Vision 2030 target of less than
   25% and the current average in the Kingdom of 40%.
 * Miahona remains at the forefront of adopting new technologies and innovative
   solutions, partnering with internal expert teams such as development,
   technical, financial, legal, and project management.
 * Its proven track record and strong technical and operational know-how
   uniquely position Miahona to re-tender for its existing contracts at the time
   of renewal.

FAST GROWING AND DEFENSIVE SECTOR

 * Miahona is a leading player in the water and wastewater sector in the
   Kingdom, with a proven track record of performance and commitment to
   innovation.
 * The first wastewater infrastructure project under the PPP model in Jeddah
   Industrial City is managed by Miahona.
 * With the first-mover advantage in the PPP sector, Miahona has six projects
   under long-term concessions with government and government-related entities
   and a further six projects on the Operation & Maintenance contract structure.
 * The total capacity of wastewater infrastructure projects portfolio is
   1,026,500 m3/day and a network of 221 km (incl. Spark project: 326 km) and
   potable water infrastructure of 102,800 m3/day with a total network of 248 km
   (incl. Spark project: 342 km).
 * Miahona operates in a well-regulated industry, following the introduction of
   the National Water Strategy by the Ministry of Environment, Water and
   Agriculture in 2017.
 * The National Water Strategy aims to improve water and sanitation management
   and increase private sector participation, reducing non-revenue water to 25%
   (current average: 40%), increasing the percentage of water reuse from 17% in
   2017 to 70% in 2030, increasing the coverage of water services from 87% to
   95%.

WELL-POSITIONED FOR CONTINUED GROWTH SUPPORTED BY A SOLID PROJECT PIPELINE

 * Miahona is well positioned to benefit from the growing demand for water and
   wastewater services in the Kingdom, driven by specific factors such as
   population growth, urbanization, and the Kingdom’s water sector strategies
   within the framework of Vision 2030, including privatization projects, PPP,
   and regulatory changes.
 * The government has announced a solid pipeline of new water/wastewater
   projects to be tendered to the private sector and management believes Miahona
   is well placed to benefit, having been awarded or selected as the preferred
   bidder at a win rate of 80% in the last three years.
 * The Company's competitive strengths lie in its ability to develop projects,
   and in its ability to manage operations and maintenance of a broad base of
   assets and contracts with diversified cash flows across the project life
   cycle.
 * The overall impact of privatization, government initiatives regarding PPP,
   and macroeconomic factors create a large market opportunity for the Company
   to leverage its leading position and deep sector experience.
 * The Kingdom’s population is expected to grow at a rate of 3.6% to 38.4
   million people in 2027, with water demand expected to increase from 5.2
   billion cubic meters annually in 2022 to 5.9 billion cubic meters annually in
   2027.
 * The company's major customer SWPC has announced a seven-year plan to increase
   sewage treatment capacity by ~2.3 million m³ by 2027. Despite this planned
   expansion, there remains a capacity gap of ~2 million m³ as identified in
   Vision 2030, which necessitates further investment. Consequently, there is a
   substantial market opportunity available for the company. The company intends
   to enhance its market share by leveraging this potential growth.
 * NWC, at the recent GWI conference, indicated a large pipeline of projects,
   which will demand substantial investment. The company aims to capture
   increased market share within this pipeline of projects.
 * NWC's six regional clusters are in phase 1 under Manage-Operate-Maintain
   (MOM) contracts with a 7-year tenure. These will transition to long-term
   concession arrangements in phase 2. The company has been awarded 2 MOM
   contracts in phase 1, enhancing its chances of success in the phase 2
   tendering process. Phase 2 will encompass the entire water value chain and
   may have an expected term of over 30 years. Transitioning the six clusters
   will require an estimated additional investment of more than ~SAR 25 billion,
   offering substantial growth opportunities for the company.
 * Furthermore, the government’s target to increase water reuse to 70% (current
   level: 22%) will bring significant business opportunities. The Company is
   well positioned to capture market share of reuse.
   

TRACK RECORD OF OPERATIONAL EXCELLENCE, BACKED BY A DIVERSE PROJECT PORTFOLIO

 * Miahona is considered one of the leading private sector companies and was the
   first company in the Kingdom working to develop water and wastewater
   infrastructure according to the public-private partnership model, providing
   sustainable solutions for industrial and municipal facilities.
 * The Company is present across Saudi Arabia’s eight major cities and has
   operations that cover the entire water sector cycle from extraction and
   supply to collection and recycling.
 * With a commitment to operational excellence, the Company’s integrated model
   allows it to optimize its operations, reduce waste, and ensure consistent
   supply. For example, Miahona implemented a number of efficiency and
   productivity measures, with the percentage of water loss (leakage) reaching
   less than 10%, compared with the Kingdom’s Vision 2030 target of less than
   25% and the current average in the Kingdom of 40%.
 * Miahona remains at the forefront of adopting new technologies and innovative
   solutions, partnering with internal expert teams such as development,
   technical, financial, legal, and project management.
 * Its proven track record and strong technical and operational know-how
   uniquely position Miahona to re-tender for its existing contracts at the time
   of renewal.

De-risked business model underpinned by long-term contracts
04

DE-RISKED BUSINESS MODEL UNDERPINNED BY LONG-TERM CONTRACTS

 * Miahona has well-established capabilities in construction, ownership,
   operation and transfer agreements, or rehabilitation, operation and
   maintenance agreements in the municipal and industrial sectors, whether
   independently or with partners.
 * The Company has a strong client base, including the Saudi Water Partnership
   Company (“SWPC”), the National Water Company(“NWC”), the Saudi Authority for
   Industrial Cities and Technology Zones (“MODON”), the General Authority of
   Civil Aviation (“GACA”), and industrial companies such as Saudi Aramco.
 * Miahona has high visibility over its future cash flow, with the Company’s six
   concession contracts having a typical length of between 20 and 30 years,
   accounting for over 92% of revenue as of FY 2023.
 * Management believes that the Company's business model is low risk and
   provides it with a solid foundation for further growth, with long-term and
   predictable cash flows. When the Company invests its own capital, it manages
   risks through:
   * focusing on fully contracted long-term opportunities.
   * most contracts including risk mitigation provisions such as for inflation,
     protection due to changes in laws, and operating costs charged to the
     client; and
   * low credit risk due to the contractors being either government or
     government-backed entities.

Secured, highly attractive returns based on a solid project backlog
05

SECURED, HIGHLY ATTRACTIVE RETURNS BASED ON A SOLID PROJECT BACKLOG

 * Miahona believes that it develops, invests and operates a business model that
   allows it to achieve total returns significantly above its cost of capital or
   hurdle rate (minimum acceptable rate of return) across its services and
   portfolio.
 * This business model supports the Company's ability to maximize price
   competitiveness by allocating the required total return across different
   value streams of development, investment, and operation.
 * Miahona also aims to adopt an optimal financing model for each project, using
   non-recourse project financing loans, with the aim of reducing the cost of
   financing each project and improving the risk/return profile for its
   shareholders.
 * The Company has a healthy backlog, which has grown steadily in recent years.
   The current total project backlog is SAR 11.3 billion, which includes an
   existing backlog of SAR 5.9 billion and a secured project backlog of SAR 5.4
   billion.

Financial stability providing flexibility to support future growth
06

FINANCIAL STABILITY PROVIDING FLEXIBILITY TO SUPPORT FUTURE GROWTH

 * Miahona has delivered strong financial results over the last three years,
   achieving revenue CAGR of 12.3% between 2021 and 2023, and EBITDA margin has
   grown from 36.9% to 43.8% during this time period.
 * Management believes that the Company’s streamlined operations allow for
   sustainable profit generation, with a strong and improving EBITDA signaling
   increased operational efficiency through economies of scale.
 * Miahona has a proven ability to sustainably fund operations and capitalize on
   growth opportunities.

DE-RISKED BUSINESS MODEL UNDERPINNED BY LONG-TERM CONTRACTS

 * Miahona has well-established capabilities in construction, ownership,
   operation and transfer agreements, or rehabilitation, operation and
   maintenance agreements in the municipal and industrial sectors, whether
   independently or with partners.
 * The Company has a strong client base, including the Saudi Water Partnership
   Company (“SWPC”), the National Water Company(“NWC”), the Saudi Authority for
   Industrial Cities and Technology Zones (“MODON”), the General Authority of
   Civil Aviation (“GACA”), and industrial companies such as Saudi Aramco.
 * Miahona has high visibility over its future cash flow, with the Company’s six
   concession contracts having a typical length of between 20 and 30 years,
   accounting for over 92% of revenue as of FY 2023.
 * Management believes that the Company's business model is low risk and
   provides it with a solid foundation for further growth, with long-term and
   predictable cash flows. When the Company invests its own capital, it manages
   risks through:
   * focusing on fully contracted long-term opportunities.
   * most contracts including risk mitigation provisions such as for inflation,
     protection due to changes in laws, and operating costs charged to the
     client; and
   * low credit risk due to the contractors being either government or
     government-backed entities.

SECURED, HIGHLY ATTRACTIVE RETURNS BASED ON A SOLID PROJECT BACKLOG

 * Miahona believes that it develops, invests and operates a business model that
   allows it to achieve total returns significantly above its cost of capital or
   hurdle rate (minimum acceptable rate of return) across its services and
   portfolio.
 * This business model supports the Company's ability to maximize price
   competitiveness by allocating the required total return across different
   value streams of development, investment, and operation.
 * Miahona also aims to adopt an optimal financing model for each project, using
   non-recourse project financing loans, with the aim of reducing the cost of
   financing each project and improving the risk/return profile for its
   shareholders.
 * The Company has a healthy backlog, which has grown steadily in recent years.
   The current total project backlog is SAR 11.3 billion, which includes an
   existing backlog of SAR 5.9 billion and a secured project backlog of SAR 5.4
   billion.

FINANCIAL STABILITY PROVIDING FLEXIBILITY TO SUPPORT FUTURE GROWTH

 * Miahona has delivered strong financial results over the last three years,
   achieving revenue CAGR of 12.3% between 2021 and 2023, and EBITDA margin has
   grown from 36.9% to 43.8% during this time period.
 * Management believes that the Company’s streamlined operations allow for
   sustainable profit generation, with a strong and improving EBITDA signaling
   increased operational efficiency through economies of scale.
 * Miahona has a proven ability to sustainably fund operations and capitalize on
   growth opportunities.

Strong corporate governance and highly experienced management team
07

STRONG CORPORATE GOVERNANCE AND HIGHLY EXPERIENCED MANAGEMENT TEAM

 * Miahona’s management team comprises individuals with deep operational
   experience and executive capabilities gained through their work with the
   Company, and within the professional services and sector-related entities.
 * The Company has invested effectively in its internal capabilities and its
   team includes multidisciplinary and multicultural professionals with
   technical expertise in project financing, construction supervision, legal,
   procurement, and other services.
 * Miahona has a robust corporate governance framework in place with a
   well-structured Board of Directors, Audit committee, Executive committee, and
   Nominations & Remunerations committee.

STRONG CORPORATE GOVERNANCE AND HIGHLY EXPERIENCED MANAGEMENT TEAM

 * Miahona’s management team comprises individuals with deep operational
   experience and executive capabilities gained through their work with the
   Company, and within the professional services and sector-related entities.
 * The Company has invested effectively in its internal capabilities and its
   team includes multidisciplinary and multicultural professionals with
   technical expertise in project financing, construction supervision, legal,
   procurement, and other services.
 * Miahona has a robust corporate governance framework in place with a
   well-structured Board of Directors, Audit committee, Executive committee, and
   Nominations & Remunerations committee.

DE-RISKED BUSINESS MODEL UNDERPINNED BY LONG-TERM CONTRACTS

 * Miahona has well-established capabilities in construction, ownership,
   operation and transfer agreements, or rehabilitation, operation and
   maintenance agreements in the municipal and industrial sectors, whether
   independently or with partners.
 * The Company has a strong client base, including the Saudi Water Partnership
   Company (“SWPC”), the National Water Company(“NWC”), the Saudi Authority for
   Industrial Cities and Technology Zones (“MODON”), the General Authority of
   Civil Aviation (“GACA”), and industrial companies such as Saudi Aramco.
 * Miahona has high visibility over its future cash flow, with the Company’s six
   concession contracts having a typical length of between 20 and 30 years,
   accounting for over 92% of revenue as of FY 2023.
 * Management believes that the Company's business model is low risk and
   provides it with a solid foundation for further growth, with long-term and
   predictable cash flows. When the Company invests its own capital, it manages
   risks through:
   * focusing on fully contracted long-term opportunities.
   * most contracts including risk mitigation provisions such as for inflation,
     protection due to changes in laws, and operating costs charged to the
     client; and
   * low credit risk due to the contractors being either government or
     government-backed entities.

SECURED, HIGHLY ATTRACTIVE RETURNS BASED ON A SOLID PROJECT BACKLOG

 * Miahona believes that it develops, invests and operates a business model that
   allows it to achieve total returns significantly above its cost of capital or
   hurdle rate (minimum acceptable rate of return) across its services and
   portfolio.
 * This business model supports the Company's ability to maximize price
   competitiveness by allocating the required total return across different
   value streams of development, investment, and operation.
 * Miahona also aims to adopt an optimal financing model for each project, using
   non-recourse project financing loans, with the aim of reducing the cost of
   financing each project and improving the risk/return profile for its
   shareholders.
 * The Company has a healthy backlog, which has grown steadily in recent years.
   The current total project backlog is SAR 11.3 billion, which includes an
   existing backlog of SAR 5.9 billion and a secured project backlog of SAR 5.4
   billion.

FINANCIAL STABILITY PROVIDING FLEXIBILITY TO SUPPORT FUTURE GROWTH

 * Miahona has delivered strong financial results over the last three years,
   achieving revenue CAGR of 12.3% between 2021 and 2023, and EBITDA margin has
   grown from 36.9% to 43.8% during this time period.
 * Management believes that the Company’s streamlined operations allow for
   sustainable profit generation, with a strong and improving EBITDA signaling
   increased operational efficiency through economies of scale.
 * Miahona has a proven ability to sustainably fund operations and capitalize on
   growth opportunities.

STRONG CORPORATE GOVERNANCE AND HIGHLY EXPERIENCED MANAGEMENT TEAM

 * Miahona’s management team comprises individuals with deep operational
   experience and executive capabilities gained through their work with the
   Company, and within the professional services and sector-related entities.
 * The Company has invested effectively in its internal capabilities and its
   team includes multidisciplinary and multicultural professionals with
   technical expertise in project financing, construction supervision, legal,
   procurement, and other services.
 * Miahona has a robust corporate governance framework in place with a
   well-structured Board of Directors, Audit committee, Executive committee, and
   Nominations & Remunerations committee.


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GET THE ANSWERS
TO COMMON QUESTIONS

Where does Miahona plan to list?

The Shares will be listed on the Main Market of the Saudi Exchange.

How can I subscribe?

Please contact one of the selling agents listed below:

Saudi Fransi Capital and EFG Hermes KSA as the Joint Financial Advisors, Joint
Bookrunners, and co-underwriters, can advise you on the process to invest.

Further details will be disclosed in the prospectus in due course. We also
recommend discussing your investment-related queries with your financial
advisor.

Who is eligible to subscribe to the offering?

Subscription to the offer is available to:

1.Participating Parties: this tranche comprises investors eligible to
participate in the book-building process following instructions for the
Book-building Process and Allocation Method in Initial Public Offerings as
issued by the Capital Market Authority (“CMA”).

2.Individual Investors: This tranche includes Saudi natural persons, any
non-Saudi natural person who is resident in the Kingdom as well as any non-Saudi
natural person residing in the Kingdom, or citizens of GCC states who have a
bank account with one of the Receiving Agents and are entitled to open an
investment account with a Capital Market Institution.

When will the final offer price be announced?

The final Offer Price will be determined after the book-building process, and
before the beginning of the subscription period for Individual Investors.


USEFUL RESOURCES

ITF Press Release

Prospectus

Prospectus

Final Offer Price Announcement



RECEIVING AGENTS

MPQ9+G3, King Abdulaziz Rd, Al Wizarat, P.O. Box 12622, Riyadh 11554, Saudi
Arabia
+966 (92) 0000576
ccc@alfransi.com.sa
www.alfransi.com.sa
Riyad Bank, Eastern Ring Road, P.O. Box 22622, Riyadh 11614, Kingdom of Saudi
Arabia
+966 (11) 4013030
customercare@riyadbank.com
www.riyadbank.com


CONTACTS

LEAD MANAGER, JOINT FINANCIAL ADVISOR, JOINT BOOKRUNNER AND CO-UNDERWRITER

Miahona.IPO@fransicapital.com.sa

JOINT FINANCIAL ADVISOR, JOINT BOOKRUNNER AND CO-UNDERWRITER

EFG_projectneptune@efg-hermes.com

COMMUNICATION ADVISOR

Daniel Yea
MiahonaIPO@fgsglobal.com

IMPORTANT INFORMATION

The following pages contain information relating to a proposed transaction by
Miahona Company (the “Company”). This information may not be accessed by
residents of certain countries based on applicable securities law regulations.

Please choose the country where you reside:

Select Country Kingdom of Saudi Arabia Bahrain Kuwait Oman Qatar United Arab
Emirates Australia Canada Japan United States of America South Africa All Other
Countries
Select Country
 * Select Country
 * Kingdom of Saudi Arabia
 * Bahrain
 * Kuwait
 * Oman
 * Qatar
 * United Arab Emirates
 * Australia
 * Canada
 * Japan
 * United States of America
 * South Africa
 * All Other Countries

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عربي

DISCLAIMER – IMPORTANT

ELECTRONIC VERSIONS OF THE MATERIALS (THESE “MATERIALS”) YOU ARE SEEKING TO
ACCESS ARE BEING MADE AVAILABLE ON THIS WEBSITE BY MIAHONA COMPANY IN GOOD FAITH
AND ARE FOR INFORMATION PURPOSES ONLY.
THESE MATERIALS ARE NOT DIRECTED AT OR INTENDED TO BE ACCESSIBLE BY PERSONS IN
THE UNITED STATES, OR PERSONS RESIDENT OR LOCATED IN AUSTRALIA, CANADA, JAPAN,
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE EXTENSION OF AVAILABILITY OF
THE MATERIALS TO WHICH YOU ARE SEEKING ACCESS WOULD BREACH ANY APPLICABLE LAW OR
REGULATION OR WOULD REQUIRE ANY REGISTRATION OR LICENCING WITHIN SUCH
JURISDICTION.

IMPORTANT: You must read the following notice carefully – it applies to all
persons who access this website. Please note that the disclaimer set out below
may be altered or updated. You should read it in full each time you visit the
site. If you access these Materials on this website, you agree to be bound by
the terms and conditions below. If you do not agree to the terms and conditions,
do not access this website or view any of these Materials.

OVERSEAS PERSONS

Viewing the information in these Materials may be restricted and is not for
release, publication or distribution, in whole or in part, directly or
indirectly, in certain jurisdictions. In other jurisdictions only certain
categories of person may be allowed to view these Materials.

The Materials do not constitute or form a part of any offer to sell or issue, or
any solicitation of any offer to purchase, subscribe for or otherwise acquire,
securities in the United States, Australia, Canada, South Africa, Japan or in
any jurisdiction in which such an offer or solicitation would be unlawful (the
“Excluded Territories”). Any securities issued in connection with an offering
have not been and will not be registered under the US Securities Act of 1933, as
amended, or under any applicable securities laws of any state, province,
territory, county or other jurisdiction of the United States, Australia, Canada,
South Africa or Japan. Accordingly, unless an exemption under relevant
securities laws is applicable, any such securities may not be offered, sold,
resold, taken up, exercised, renounced, transferred, delivered or distributed,
directly or indirectly, in or into the United States, Australia, Canada, South
Africa, Japan, or any other jurisdiction if to do so would constitute a
violation of the relevant laws of, or require registration of such securities
in, the relevant jurisdiction. There will be no public offer of securities in
the United States.

For persons in member states of the European Economic Area (each a “Relevant
State”), the Materials you are seeking to access are only addressed to, and
directed at, persons who are “qualified investors” within the meaning of
Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors”).
In any Relevant State, the Materials you are seeking to access are directed only
at Qualified Investors and must not be acted on or relied on by persons who are
not Qualified Investors. Any investment or investment activity to which these
Materials relate is available in any Relevant State only to Qualified Investors,
and will be engaged in only with such persons.

For persons in the United Kingdom, the Materials you are seeking to access are
only addressed to, and directed at, persons who are "qualified investors" within
the meaning of the Prospectus Regulation, as it forms part of domestic law in
the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as
amended and supplemented (including by the UK Prospectus Amendment Regulations
2019 and Financial Services and Markets Act 2000 (Prospectus) Regulations 2019),
who: (i) have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the “Order”); (ii) fall within Article
49(2)(a) to (d) of the Order; or (iii) are otherwise persons to whom it may
otherwise lawfully be communicated (all such persons being referred to as
“Relevant Persons”). In the United Kingdom, the Materials you are seeking to
access are directed only at Relevant Persons and must not be acted on or relied
on by persons who are not Relevant Persons. Any investment or investment
activity to which these Materials relate is available in the United Kingdom only
to Relevant Persons, and will be engaged in only with such persons.

In the United Arab Emirates (outside of the financial free zones established
pursuant to UAE Federal Law No.8 of 2004): the Materials you are seeking to
access are only addressed to a limited number of investors/recipients and must
not be provided to any person other than the original recipient, and may not be
reproduced or used for any other purpose. If you are in any doubt about the
contents of these Materials, you should consult an authorised financial adviser.
By accessing these Materials, the person or entity to whom it has been issued
understands, acknowledges and agrees that these Materials have not been approved
by or filed with the United Arab Emirates (“UAE”) Central Bank, the Securities
and Commodities Authority (the “SCA”) or any other authorities in the UAE. No
marketing of any financial products or services has been or will be made from
within the UAE other than in compliance with the laws of the UAE and no
subscription to any securities or other investments may or will be consummated
within the UAE. Securities may not be marketed, offered or sold directly or
indirectly to the public in the UAE without the approval of the SCA. These
Materials does not constitute a public offer of securities in the UAE in
accordance with the Federal Commercial Companies Law, No. 32 of 2021 (as amended
or replaced from time to time) or otherwise. These Materials may be accessed in
the UAE only by “professional investors” (as defined in SCA Board of Directors’
Chairman Decision No.13/R.M of 2021 (as amended from time to time)) and may not
be accessed by any person other than the original recipient.

In the Dubai International Financial Centre (“DIFC”): the Materials you are
seeking to access relate to an Offering which is not subject to any form of
regulation or approval by the Dubai Financial Services Authority (“DFSA”). The
DFSA has not approved these Materials nor has any responsibility for reviewing
or verifying any document or other documents in connection with the Offering.
Accordingly, the DFSA has not approved these Materials or any other associated
documents nor taken any steps to verify the information set out in these
Materials, and has no responsibility for it. The Offering has not been offered
and will not be offered to any persons in the DIFC except on that basis that an
offer is:

 * An “Exempt Offer” in accordance with the Markets Rules (“MKT”) module of the
   DFSA Rulebook; and
 * Made only to persons who meet the “Deemed Professional Client” criteria set
   out in the Conduct of Business (“COB”) Module of the DFSA Rulebook (the “COB
   Module”).

These Materials must not, therefore, be delivered to, or relied on by, any other
type of person. The Offering to which these Materials relate may be illiquid
and/or subject to restrictions on its resale. Prospective purchasers should
conduct their own due diligence on the Offering. The DFSA has not taken steps to
verify the information set out in these Materials, and has no responsibility for
them. If you do not understand the contents of this Offering or are unsure
whether the securities to which this Offering relates are suitable for your
individual investment objectives and circumstances, you should consult an
authorised financial adviser. These Materials are only addressed to and are only
directed at “Deemed Professional Clients” as defined in the DFSA Rulebook, COB
Module. These Materials are not directed at Retail Clients as defined in the COB
Module.

In the Abu Dhabi Global Market (“ADGM”): the Materials you are seeking to access
relate to an Offering which is not subject to any form of regulation or approval
by the Financial Services Regulatory Authority (“FSRA”). The FSRA has not
approved these Materials nor has any responsibility for reviewing or verifying
any document or other documents in connection with the Offering. Accordingly,
the FSRA has not approved these Materials or any other associated documents nor
taken any steps to verify the information set out in these Materials, and has no
responsibility for them. The shares have not been offered and will not be
offered to any persons in the ADGM except on the basis that an offer is: (i) an
“Exempt Offer” in accordance with the FSRA Financial Services and Markets
Regulations 2015 and Markets Rules; and (ii) made only to persons who meet the
“Deemed Professional Client” criteria set out in the FSRA Conduct of Business
Rulebook. The FSRA has not taken steps to verify the information set out in
these Materials, and has no responsibility for it. If you do not understand the
contents of this Offering or are unsure whether the securities to which the
Offering relates are suitable for your individual investment objectives and
circumstances, you should consult an authorised financial adviser.

If you are not permitted to view Materials on this website or are in any doubt
as to whether you are permitted to view these Materials, please exit this
webpage. These Materials must not be released or otherwise forwarded,
distributed or sent in or into the United States, Australia, Canada, South
Africa, Japan or any jurisdiction in which such offers or sales are unlawful.
Persons receiving such documents (including custodians, nominees and trustees)
must not distribute or send them in, into or from the United States, Australia,
Canada, South Africa or Japan.

BASIS OF ACCESS

Making press announcements and other documents available in electronic format
does not constitute an offer to sell or the solicitation of an offer to buy any
securities in the Company. Further, it does not constitute a recommendation by
the Company or any other party to sell or buy securities in the Company.

Unless otherwise determined by the Company and permitted by applicable law and
regulation, copies of these Materials are not being, and must not be, released
or otherwise forwarded, distributed or sent in or into the United States,
Australia, Canada, Japan or South Africa or any other jurisdiction in which
offers or sales are unlawful and persons receiving such documents, (including
custodians, nominees and trustees) must not distribute or send them in or into
the foregoing countries. Any failure to comply with any such restrictions may
constitute a violation of the securities laws of such jurisdiction.

If you are not permitted to view materials on this website or are in any doubt
as to whether you are permitted to view these materials, please exit this
webpage.

These materials must not be, released or otherwise forwarded, distributed or
sent in or into the United States, Australia, Canada, Japan, South Africa or any
jurisdiction in which such offers or sales are unlawful. Persons receiving such
documents (including custodians, nominees and trustees) must not distribute or
send them in, into or from the United States, Australia, Canada, Japan or South
Africa.

GENERAL

The information contained in these Materials is not comprehensive. Although care
has been taken in the preparation of the information, not all such information
may be accurate and up to date in all respects and the Company accepts no
responsibility to update the information contained in this website. No reliance
may be placed for any purpose whatsoever on the information or opinions
contained in these Materials or any other document or oral statement or on the
completeness, accuracy or fairness of such information and/or opinions therein.
All information is provided without any warranties of any kind and the Company
and its advisers make no representations and disclaim all express and implied
warranties and conditions of any kind, including, without limitation,
representations, warranties or conditions regarding accuracy, timeliness,
completeness, non-infringement, merchantability or fitness for any particular
purpose and the Company and its advisers assume no responsibility to you or any
third party for the consequences of any errors or omissions. Neither the Company
nor its advisers executives or directors accept any liability for any direct or
indirect or consequential loss or damages of any kind resulting from any use of
this website or any information contained in it. The Company accepts no
responsibility for any contravention of applicable securities laws and
regulations by persons as a result of false information provided by such
persons.

Neither these Materials nor anything contained therein shall form the basis of,
or be relied upon in connection with, any offer or commitment whatsoever in any
jurisdiction. Investors may only subscribe in the securities referred to in
these Materials on the basis of a duly approved prospectus to be issued and
published in due course (the “Prospectus”). Copies of the Prospectus will,
following publication, be available from the Company’s registered office and its
website at [www.miahona.com]. These Materials are not an offer document for the
purposes of the Rules on the Offer of Securities and Continuing Obligations
(OSCOs) and should not be construed as such. The CMA and the Saudi Exchange do
not take any responsibility for the contents of these Materials, do not make any
representations as to their accuracy or completeness, and expressly disclaim any
liability whatsoever for any loss arising from, or incurred in reliance upon,
any part of these Materials.

There is no guarantee that the offering will occur and you should not base your
financial decisions on the Company’s intentions in relation to the offering at
this stage. These Materials do not constitute a recommendation concerning the
offering. Acquiring shares to which These Materials relate may expose an
investor to a significant risk of losing the entire amount invested. Persons
considering investment should consult an investment advisor or an authorized
person specializing in advising on such investments.

Certain information in these Materials is of a historical nature and may be out
of date. All historical information should be understood to speak from the date
of its publication. Actual results and developments may be materially different
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performance is no guide to future performance, whether of the Company or its
securities.

Certain statements contained in the Materials available on this part of the
website constitute forward-looking statements. By their nature, forward-looking
statements involve a number of risks, uncertainties and assumptions that could
cause actual results or events to differ materially from those expressed or
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assumptions could adversely affect the outcome and financial effects of the
plans and events described herein. Forward-looking statements contained in these
Materials that reference past trends or activities should not be taken as a
representation that such trends or activities will necessarily continue in the
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speak only as of the date of the relevant document.

These Materials have been made available to you in an electronic form. You are
reminded that materials transmitted via this website may be altered or changed
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عربي

ANNOUNCEMENT

The subscription period for individual investors will start on May 21, 2024 and
conclude on May 22, 2024.

RECEIVING BANKS


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The information contained in this section of the website is restricted and is
not for release, publication or distribution, directly or indirectly, in whole
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territories and possessions), any state of the United States and the District of
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PRIVACY POLICY

ELECTRONIC VERSIONS OF THE MATERIALS (THESE “MATERIALS”) YOU ARE SEEKING TO
ACCESS ARE BEING MADE AVAILABLE ON THIS WEBSITE BY MIAHONA COMPANY IN GOOD FAITH
AND ARE FOR INFORMATION PURPOSES ONLY.
THESE MATERIALS ARE NOT DIRECTED AT OR INTENDED TO BE ACCESSIBLE BY PERSONS IN
THE UNITED STATES, OR PERSONS RESIDENT OR LOCATED IN AUSTRALIA, CANADA, JAPAN,
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE EXTENSION OF AVAILABILITY OF
THE MATERIALS TO WHICH YOU ARE SEEKING ACCESS WOULD BREACH ANY APPLICABLE LAW OR
REGULATION OR WOULD REQUIRE ANY REGISTRATION OR LICENCING WITHIN SUCH
JURISDICTION.

IMPORTANT: You must read the following notice carefully – it applies to all
persons who access this website. Please note that the disclaimer set out below
may be altered or updated. You should read it in full each time you visit the
site. If you access these Materials on this website, you agree to be bound by
the terms and conditions below. If you do not agree to the terms and conditions,
do not access this website or view any of these Materials.

OVERSEAS PERSONS

Viewing the information in these Materials may be restricted and is not for
release, publication or distribution, in whole or in part, directly or
indirectly, in certain jurisdictions. In other jurisdictions only certain
categories of person may be allowed to view these Materials.

The Materials do not constitute or form a part of any offer to sell or issue, or
any solicitation of any offer to purchase, subscribe for or otherwise acquire,
securities in the United States, Australia, Canada, South Africa, Japan or in
any jurisdiction in which such an offer or solicitation would be unlawful (the
“Excluded Territories”). Any securities issued in connection with an offering
have not been and will not be registered under the US Securities Act of 1933, as
amended, or under any applicable securities laws of any state, province,
territory, county or other jurisdiction of the United States, Australia, Canada,
South Africa or Japan. Accordingly, unless an exemption under relevant
securities laws is applicable, any such securities may not be offered, sold,
resold, taken up, exercised, renounced, transferred, delivered or distributed,
directly or indirectly, in or into the United States, Australia, Canada, South
Africa, Japan, or any other jurisdiction if to do so would constitute a
violation of the relevant laws of, or require registration of such securities
in, the relevant jurisdiction. There will be no public offer of securities in
the United States.

For persons in member states of the European Economic Area (each a “Relevant
State”), the Materials you are seeking to access are only addressed to, and
directed at, persons who are “qualified investors” within the meaning of
Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors”).
In any Relevant State, the Materials you are seeking to access are directed only
at Qualified Investors and must not be acted on or relied on by persons who are
not Qualified Investors. Any investment or investment activity to which these
Materials relate is available in any Relevant State only to Qualified Investors,
and will be engaged in only with such persons.

For persons in the United Kingdom, the Materials you are seeking to access are
only addressed to, and directed at, persons who are "qualified investors" within
the meaning of the Prospectus Regulation, as it forms part of domestic law in
the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as
amended and supplemented (including by the UK Prospectus Amendment Regulations
2019 and Financial Services and Markets Act 2000 (Prospectus) Regulations 2019),
who: (i) have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the “Order”); (ii) fall within Article
49(2)(a) to (d) of the Order; or (iii) are otherwise persons to whom it may
otherwise lawfully be communicated (all such persons being referred to as
“Relevant Persons”). In the United Kingdom, the Materials you are seeking to
access are directed only at Relevant Persons and must not be acted on or relied
on by persons who are not Relevant Persons. Any investment or investment
activity to which these Materials relate is available in the United Kingdom only
to Relevant Persons, and will be engaged in only with such persons.

In the United Arab Emirates (outside of the financial free zones established
pursuant to UAE Federal Law No.8 of 2004): the Materials you are seeking to
access are only addressed to a limited number of investors/recipients and must
not be provided to any person other than the original recipient, and may not be
reproduced or used for any other purpose. If you are in any doubt about the
contents of these Materials, you should consult an authorised financial adviser.
By accessing these Materials, the person or entity to whom it has been issued
understands, acknowledges and agrees that these Materials have not been approved
by or filed with the United Arab Emirates (“UAE”) Central Bank, the Securities
and Commodities Authority (the “SCA”) or any other authorities in the UAE. No
marketing of any financial products or services has been or will be made from
within the UAE other than in compliance with the laws of the UAE and no
subscription to any securities or other investments may or will be consummated
within the UAE. Securities may not be marketed, offered or sold directly or
indirectly to the public in the UAE without the approval of the SCA. These
Materials does not constitute a public offer of securities in the UAE in
accordance with the Federal Commercial Companies Law, No. 32 of 2021 (as amended
or replaced from time to time) or otherwise. These Materials may be accessed in
the UAE only by “professional investors” (as defined in SCA Board of Directors’
Chairman Decision No.13/R.M of 2021 (as amended from time to time)) and may not
be accessed by any person other than the original recipient.

In the Dubai International Financial Centre (“DIFC”): the Materials you are
seeking to access relate to an Offering which is not subject to any form of
regulation or approval by the Dubai Financial Services Authority (“DFSA”). The
DFSA has not approved these Materials nor has any responsibility for reviewing
or verifying any document or other documents in connection with the Offering.
Accordingly, the DFSA has not approved these Materials or any other associated
documents nor taken any steps to verify the information set out in these
Materials, and has no responsibility for it. The Offering has not been offered
and will not be offered to any persons in the DIFC except on that basis that an
offer is:

 * An “Exempt Offer” in accordance with the Markets Rules (“MKT”) module of the
   DFSA Rulebook; and
 * Made only to persons who meet the “Deemed Professional Client” criteria set
   out in the Conduct of Business (“COB”) Module of the DFSA Rulebook (the “COB
   Module”).

These Materials must not, therefore, be delivered to, or relied on by, any other
type of person. The Offering to which these Materials relate may be illiquid
and/or subject to restrictions on its resale. Prospective purchasers should
conduct their own due diligence on the Offering. The DFSA has not taken steps to
verify the information set out in these Materials, and has no responsibility for
them. If you do not understand the contents of this Offering or are unsure
whether the securities to which this Offering relates are suitable for your
individual investment objectives and circumstances, you should consult an
authorised financial adviser. These Materials are only addressed to and are only
directed at “Deemed Professional Clients” as defined in the DFSA Rulebook, COB
Module. These Materials are not directed at Retail Clients as defined in the COB
Module.

In the Abu Dhabi Global Market (“ADGM”): the Materials you are seeking to access
relate to an Offering which is not subject to any form of regulation or approval
by the Financial Services Regulatory Authority (“FSRA”). The FSRA has not
approved these Materials nor has any responsibility for reviewing or verifying
any document or other documents in connection with the Offering. Accordingly,
the FSRA has not approved these Materials or any other associated documents nor
taken any steps to verify the information set out in these Materials, and has no
responsibility for them. The shares have not been offered and will not be
offered to any persons in the ADGM except on the basis that an offer is: (i) an
“Exempt Offer” in accordance with the FSRA Financial Services and Markets
Regulations 2015 and Markets Rules; and (ii) made only to persons who meet the
“Deemed Professional Client” criteria set out in the FSRA Conduct of Business
Rulebook. The FSRA has not taken steps to verify the information set out in
these Materials, and has no responsibility for it. If you do not understand the
contents of this Offering or are unsure whether the securities to which the
Offering relates are suitable for your individual investment objectives and
circumstances, you should consult an authorised financial adviser.

If you are not permitted to view Materials on this website or are in any doubt
as to whether you are permitted to view these Materials, please exit this
webpage. These Materials must not be released or otherwise forwarded,
distributed or sent in or into the United States, Australia, Canada, South
Africa, Japan or any jurisdiction in which such offers or sales are unlawful.
Persons receiving such documents (including custodians, nominees and trustees)
must not distribute or send them in, into or from the United States, Australia,
Canada, South Africa or Japan.

BASIS OF ACCESS

Making press announcements and other documents available in electronic format
does not constitute an offer to sell or the solicitation of an offer to buy any
securities in the Company. Further, it does not constitute a recommendation by
the Company or any other party to sell or buy securities in the Company.

Unless otherwise determined by the Company and permitted by applicable law and
regulation, copies of these Materials are not being, and must not be, released
or otherwise forwarded, distributed or sent in or into the United States,
Australia, Canada, Japan or South Africa or any other jurisdiction in which
offers or sales are unlawful and persons receiving such documents, (including
custodians, nominees and trustees) must not distribute or send them in or into
the foregoing countries. Any failure to comply with any such restrictions may
constitute a violation of the securities laws of such jurisdiction.

If you are not permitted to view materials on this website or are in any doubt
as to whether you are permitted to view these materials, please exit this
webpage.

These materials must not be, released or otherwise forwarded, distributed or
sent in or into the United States, Australia, Canada, Japan, South Africa or any
jurisdiction in which such offers or sales are unlawful. Persons receiving such
documents (including custodians, nominees and trustees) must not distribute or
send them in, into or from the United States, Australia, Canada, Japan or South
Africa.

GENERAL

The information contained in these Materials is not comprehensive. Although care
has been taken in the preparation of the information, not all such information
may be accurate and up to date in all respects and the Company accepts no
responsibility to update the information contained in this website. No reliance
may be placed for any purpose whatsoever on the information or opinions
contained in these Materials or any other document or oral statement or on the
completeness, accuracy or fairness of such information and/or opinions therein.
All information is provided without any warranties of any kind and the Company
and its advisers make no representations and disclaim all express and implied
warranties and conditions of any kind, including, without limitation,
representations, warranties or conditions regarding accuracy, timeliness,
completeness, non-infringement, merchantability or fitness for any particular
purpose and the Company and its advisers assume no responsibility to you or any
third party for the consequences of any errors or omissions. Neither the Company
nor its advisers executives or directors accept any liability for any direct or
indirect or consequential loss or damages of any kind resulting from any use of
this website or any information contained in it. The Company accepts no
responsibility for any contravention of applicable securities laws and
regulations by persons as a result of false information provided by such
persons.

Neither these Materials nor anything contained therein shall form the basis of,
or be relied upon in connection with, any offer or commitment whatsoever in any
jurisdiction. Investors may only subscribe in the securities referred to in
these Materials on the basis of a duly approved prospectus to be issued and
published in due course (the “Prospectus”). Copies of the Prospectus will,
following publication, be available from the Company’s registered office and its
website at [www.miahona.com]. These Materials are not an offer document for the
purposes of the Rules on the Offer of Securities and Continuing Obligations
(OSCOs) and should not be construed as such. The CMA and the Saudi Exchange do
not take any responsibility for the contents of these Materials, do not make any
representations as to their accuracy or completeness, and expressly disclaim any
liability whatsoever for any loss arising from, or incurred in reliance upon,
any part of these Materials.

There is no guarantee that the offering will occur and you should not base your
financial decisions on the Company’s intentions in relation to the offering at
this stage. These Materials do not constitute a recommendation concerning the
offering. Acquiring shares to which These Materials relate may expose an
investor to a significant risk of losing the entire amount invested. Persons
considering investment should consult an investment advisor or an authorized
person specializing in advising on such investments.

Certain information in these Materials is of a historical nature and may be out
of date. All historical information should be understood to speak from the date
of its publication. Actual results and developments may be materially different
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performance is no guide to future performance, whether of the Company or its
securities.

Certain statements contained in the Materials available on this part of the
website constitute forward-looking statements. By their nature, forward-looking
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cause actual results or events to differ materially from those expressed or
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assumptions could adversely affect the outcome and financial effects of the
plans and events described herein. Forward-looking statements contained in these
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representation that such trends or activities will necessarily continue in the
future. You should not place undue reliance on forward-looking statements, which
speak only as of the date of the relevant document.

These Materials have been made available to you in an electronic form. You are
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not accept any liability or responsibility whatsoever in respect of any
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