Tadawul silver signage/Bloomberg
Fawaz Alhokair Group has been planning the Arabian Centres share sale since 2014, when the firm hoped to raise $2 billion from a 30 per cent sale.
Tuesday 16, April 2019
(Bloomberg) --Saudi Arabia’s Fawaz Alhokair Group will sell 20 per cent of shares in its malls unit in an initial public offering (IPO) and will use the proceeds to reduce debt.
In a statement, Fawaz Alhkair Group said that Arabian Centres Company will sell 65 million existing shares and 30 million new shares via a book-building process and will list the shares on the Tadawal, without saying what the offer price range will be.
The Chief Executive Officer of Arabian Centres said that the sale is expected the commence around on 28 April.
Plans for the IPO were put on hold in November 2017 after its billionaire co-founder Fawaz Alhokair was held in Saudi Arabia’s alleged corruption crackdown.
Samba Capital, Morgan Stanley as well as NCB Capital, Goldman Sachs Group and Citigroup are managing the offering.
Additionally, Credit Suisse Group, EFG-Hermes Holding as well Emirates NBD Capital KSA and Natixis are managing the offering.