Monday 5 December 2011

Saudi’s EXtra set for share sale in gloomy IPO market - Markets - ArabianBusiness.com

Saudi Arabia is set for its worst IPO year since 2004 after political unrest and the global economic slowdown crimped companies’ expansion plans.

Today’s sale by United Electronics Co won’t change that.

The share sale by the electronics retailer, also known as eXtra, is the fourth this year after Saudi Integrated Telecom Co, United Wire Factories Co and Hail Cement Co. raised a combined $312m. Companies in Saudi Arabia sold shares valued at $655m last year compared with $9.6bn in 2008.
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