Riyadh-Mubasher: Saudi Arabia’s Fawaz Alhokair Group plans to raise as much as $400 million ($1.5 billion) from an initial public offering (IPO) for its its Egyptian malls unit, according to Bloomberg.

The family-owned group appointed CI Capital to advise on the offer, Muhanad Awad, chief executive officer of FAS Capital, the financing and investment arm of Alhokair, said in a Riyadh interview.

Alhokair will sell a 25 to 30 per cent stake in Egyptian Centres, which operates Cairo’s Mall of Arabia.

Proceeds from the sale will be used to fund expansion of Mall of Arabia and develop new shopping centres, he said. The company expects to raise between EGP 2.5-3 billion ($340-400 million), Awad said.

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