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Citigroup to advise on Saudi Flynas' IPO

Citigroup to advise on Saudi Flynas' IPO
Citigroup has received the CMA's approval to resume its business

Riyadh – Mubasher: Budget carrier Flynas has hired Citigroup to advise them on an initial public offering (IPO) that could take place by the end of 2018 or early 2019, informed sources said.

Citigroup will implement the Saudi airline's IPO in collaboration with Morgan Stanley and NCB Capital, Bloomberg reported, citing the sources as saying.

The US financial services provider won its first local mandate in Saudi Arabia as it returns to the kingdom after a 13-year absence.

Seeking to rebuild its operations in Saudi Arabia after exiting in 2004, Citigroup has received the Saudi Capital Market Authority's (CMA) approval to resume its business in the Kingdom after losing its license in the oil-rich nation when it sold its stake in Samba Financial Group.