Peter Faerber

Group Chief Executive Officer

Founding year in the Kingdom

1976

Revenue in FY 2025

504

Revenue CAGR between 2023G and 2025G

40

Estimated market share in refrigerated transport in the Kingdom

45

Satisfied Customers

3,000

Manufacturing facility + service centers

5

CGS Riyadh, CGS Jeddah, CGS Bahrain

3

subsidiaries

Portfolio Diversification

Expanding offerings beyond established cold chain solutions into customized engineering products for oil & gas, healthcare, defense, and telecommunications sectors.

Sustainable and Rapid-Deployment Solutions

Develop new offerings in sustainable refrigeration, next-generation refrigerated transport, and modular stationary units, in line with evolving industry requirements.

Capacity Expansion

Over SAR 150 million investment in a second manufacturing facility in Al-Kharj Industrial City, integrating Industry 4.0 technologies, ambulance production, and defense/oil & gas unit capabilities.

Operational Efficiency & Sustainability

Adopting lean manufacturing, energy-efficient technologies, and sustainable materials to reduce environmental impact and deliver the lowest total cost of ownership.

Geographic Expansion

Leveraging Saudi operations to explore GCC and select international markets, offering adaptable designs that meet diverse climate and regulatory requirements.

Our Partners

Global

Saudi Arabia

Total number of Offer Shares

Company’s issued share capital

Offer Shares to be allocated to Participating Parties

%

Maximum Offer Shares to be clawed back and allocated to Individual Subscribers

%

October 29, 2025

Intention to Float

01

November 5, 2025

Price Range Announcement

02

November 5-11, 2025

Institutional Book-building Period

03

November 17, 2025

Final Offer Price Announcement

04

November 26-27, 2025

Retail Subscription Period

05

December 3, 2025

Final Allocation of the Offer Shares

06

December 4, 2025

Refund of Excess Subscription Amounts (if any)

07

To be confirmed

Listing Day

08

Attractive Market Dynamics and Vision 2030 Megatrends

The Kingdom’s ambitions for industrial transformation, economic diversification, and urban expansion, under Vision 2030 are all key growth drivers for the refrigeration solutions and services market.
There is a growing demand for CGS’s refrigeration and cooling systems, fuelled by ongoing expansion and sustained investment across Saudi Arabia’s industrial ecosystem, underpinned by Saudi Vision 2030 and The National Industrial Development and Logistics Program (NIDLP).
Saudi Arabia’s Vision 2030 push for food security and self-sufficiency is set to drive large-scale investment through 2028G, creating strong demand for cold chain storage and stationary refrigeration, critical enablers of temperature-controlled supply chains.
Some of the key initiatives under Vision 2030 which are driving demand for refrigeration and cooling solutions are food security, healthcare leadership, defence localisation and development of tourism and entertainment.
CGS’s target market will also benefit from new regulations related to food transportation, storage and local procurement in healthcare and defence, with CGS being the only KSA manufacturer meeting the ambulance vehicle specifications of the Ministry of Health and Saudi Red Crescent, and possessing advanced capabilities to produce complex defence shelters.

A market leader in High Growth Industries

Since its inception in 1976G, CGS has established itself as a pioneer in cold chain solutions, with a particular focus on advanced refrigeration, refrigerated transport solutions, customized solutions and the design and manufacturing of complex units.
CGS’s market leadership is closely linked to its engineering expertise, and the Company is renowned for its custom vehicle conversions, including defence vehicles, ambulances, and rapid deployment units for sectors requiring reliable mobile solutions.
CGS’s refrigeration solutions cater to commercial and industrial applications, from cold rooms and process cooling to comprehensive cold chain logistics, using environmentally friendly refrigerants and energy-efficient designs.
The Company’s long-standing partnership with Carrier Transicold strengthens its leading market position in refrigerated transport, by enabling it to deliver highly reliable, temperature-controlled solutions essential for preserving product quality during transport in support of the growing demand for temperature-sensitive logistics in Saudi Arabia.

An Unparalleled Service Network

Dedicated to client satisfaction, CGS operates an extensive after-market sales network across Saudi Arabia and Bahrain, offering maintenance services, operation contracts, and emergency support to ensure the longevity and performance of its solutions.
This comprehensive service infrastructure is a testament to the Company’s client-centric approach, which prioritizes strong relationships, responsive support, and tailored service plans.
CGS’s comprehensive service network is designed to provide robust after-market sales support to clients across diverse industries. The network includes strategically located stationary workshops as well as mobile service units, ensuring that clients receive timely, on-site maintenance and repairs whenever needed, positioning CGS as the leading local company with after-market service capability.
By offering a reliable infrastructure for after-market sales support, CGS helps clients minimize downtime, extending the life and performance of their critical assets. This service capability is particularly valuable for sectors such as logistics, healthcare, and defense, where equipment uptime is critical to operational success.

Use of Cutting-Edge Technologies

CGS designs and develops solutions for extreme regional climates underscoring the Company’s engineering strength.
CGS leverages 3D printing for rapid prototyping, enabling quick adjustments and improvements before full-scale manufacturing. Virtual reality solutions allow the engineering team to visualize and optimize designs in real-time, leading to faster development cycles and reduced production errors.
The Company integrates state-of-the-art testing equipment to ensure high-quality standards across all products. This commitment to quality control enhances reliability, particularly in applications where safety is critical, such as defense, healthcare and cold chain logistics.
CGS operates an open pouring methodology in their sandwich panel production, which involves pouring insulating materials into the mold and allows for the creation of panels with uniform density and enhanced thermal insulation efficiency, conductivity, ensuring durability and efficiency in temperature-controlled environments. CGS is the only Company in the Middle East with this capability.
CGS has a clear digital transformation roadmap, incorporating Industry 4.0 principles such as Internet of Things (IoT) and industrial as well as collaborative robots. This digitalization allows for real-time monitoring and machine-to-machine communication, improving operational efficiency, and reducing waste. The use of IoT supports a digitally controlled shop floor, ensuring precise and consistent production.

Well-Articulated Growth Strategy and Balanced Business Model

CGS is committed to continuing to maintain its manufacturing edge by investing in upgrading its manufacturing capabilities to meet growing market demands and improve operational efficiency.
Additionally, CGS aims to harness its engineering expertise as a core driver for expanding its product offerings and reaching new market segments.
The Company’s strategic roadmap focuses on sustained growth through new product development, technological innovation, and a commitment to efficiency. By capitalizing on emerging opportunities in Saudi Arabia and advancing its offering, CGS aims to maintain its market leadership and meet the evolving demands of its clients.
CGS is planning to establish another main manufacturing facility in Al Kharj Industrial City, on a new 70,000 m2 plot of land. The facility will be equipped with state-of-the-art Industry 4.0 solutions and will house many critical existing activities as well as facilities for new offerings such as ambulance production and solutions for the defense and oil and gas sectors

Strong Financial Performance

CGS has delivered strong financial results, achieving revenue CAGR of 40% between Financial Year 2023G and 2025G, driven by increased demand for the Company’s products and services.
The Company reported revenue of SAR 504 million in the financial year 2025G, and net profit of SAR 66 million, growing at a CAGR of 61.1% with an average return on equity during this period of more than 40%.

Board of Directors

Executive Management Team

Sinan Esmat Al Saady

Chairman of the Board

Marcel Albert Grünenfelder

Vice Chairman of the Board

Eman Serafi

Director

Raad Abdulaziz Al-Abdulkader

Director

Sami Abdulkarim Al-Thuhaibi

Director

Fahad Saleh Al-Hathloul

Director

Albert Peter Grünenfelder

Director

Ahmed Mohammed Al-Omari

Board Secretary

What is the transaction structure?

On June 25, 2025G, the Capital Market Authority (“CMA”) approved the Company’s application to offer 30,000,000 shares (the "Offer Shares", and each an "Offer Share"), representing 30% of the Company’s issued share capital of 100,000,000 shares.

The Offering will be made by way of a sale of existing shares by the current shareholders, Darat Esmat Bin Abdul-Samad Al Saady Holding Company and GK Grünenfelder International AG (together, the “Selling Shareholders”), each selling 15,000,000 shares (representing 15% of the Company’s share capital post-Offering).

How can I subscribe to the IPO?

To subscribe to the IPO, Individual Subscribers can apply for Offer Shares during the Offering Period via the branches, websites, and electronic channels of the Receiving Agents listed on this website.

Participating Parties can subscribe through the Bookrunners during the institutional book-building process.

The Prospectus—available in the “Downloads” section of this website—contains full details to help you make an informed investment decision.

We also recommend consulting your personal financial advisor for any investment-related queries.

Who can subscribe?

Subscription to the Offer Shares is limited to two tranches of investors:

(1): Participating Parties: This tranche comprises the parties entitled to participate in the book building process as specified under the Book Building Instructions.

(2): Individual Subscribers: This tranche comprises Saudi Arabian natural persons, including any divorced or widowed Saudi woman with minor children from a marriage to a non-Saudi individual, who can subscribe for her benefit in their names provided that she proves that she is divorced or widowed and the mother of her minor children, any non-Saudi natural person who is resident in the Kingdom, or GCC nationals, in each case who have an investment account and active portfolio with one of the Receiving Agents and are allowed to open an investment account with a Capital Market Institution.

The prospectus can be downloaded from the “Downloads” section of this webpage. It contains detailed information to support you in making an informed investment decision.

When will the Final Offer price be announced?

The final price of the shares will be determined after the institutional book-building process is complete, which will take place from 05 until 11 November 2025G.