Riyadh – Mubasher: Saudi Arabia’s Al Othaim family is said to be considering to sell shares in its malls business in a deal that could value the company between $1.5 billion and $2 billion, Bloomberg reported citing people familiar with the matter.

GIB Capital LLC was appointed by Othaim Investment Co., which operates malls and entertainment centres in the kingdom, to advise on the local initial public offering (IPO).

The sale may take place in the first half (H1) of 2021, although the final decisions have not been made yet and the company may cancel the deal.

Based on data by Bloomberg, Al Othaim Holding’s stake in Abdullah Al Othaim Markets is valued at nearly $766 million. The retail and grocery business is listed on the Saudi Stock Exchange (Tadawul) with a market capitalisation of approximately $2.8 billion.