By: Mohamed Idris

Riyadh – Mubasher: Al Saedan Real Estate Company is planning an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), the company’s chief financial officer (CFO) said.

Abdulaziz Al Sheikh added to Mubasher that the company has appointed a financial advisor to manage the IPO to start submitting the required documents to the capital market.

On the sidelines of Restatex - Riyadh Real Estate and Urban Development Exhibition 2017, the CFO stated that one of the IPO's targets is to turn the company from a family business into a public joint-stock company.

Al Saedan is currently targeting joining a real estate investment trust (REIT) and is in talks with more than one financial company over establishing one or more REITS in the third or fourth quarter of this year.

Al Sheikh noted that the company had restructured its capital to reach SAR 1.3 billion, and has direct and indirect investments amounting to SAR 2 billion.

Moreover, the company is currently working on 13 projects and is a strategic partner of the Ministry of Housing to solve the housing crisis, the CFO highlighted.

Translated by: Sara Ghali