Riyadh — Mubasher: Saudi Arabia’s Fawaz Alhokair Group is looking to float a stake in its subsidiary, Arabian Centres Company, on the Saudi Stock Exchange (Tadawul) in the second quarter of 2019, sources close to the matter said on Monday.
The shopping malls business of the Saudi group is seeking to implement listing in the period between April and June, Reuters reported, citing the sources.
The oil-rich kingdom is spurring family-owned firms to go public in an effort to boost capital markets as part of the Saudi “Vision 2030” reform plan, intended to diversify the GCC nation’s economy away from petrodollars.
Under the share sale deal, Arabian Centres Company, which is a developer, owner and operator of 19 malls across 10 cities in the kingdom, is planning to sell 30% to investors on Tadawul, the sources said.
The group is teaming up with US investment banks Morgan Stanley and Moelis, and Saudi investment banks Samba Financial Group, and National Commercial Bank, to forge ahead with the initial public offering (IPO) of its malls business arm.