Saudi Arabian Airlines Plans IPOs of Three Service Units - Bloomberg

Saudi Arabian Airlines Plans IPOs of Three Service Units - Bloomberg:



"Saudi Arabian Airlines plans to raise at least 10 billion riyals ($2.7 billion) through the sale of shares in its ground-handling, cargo and maintenance units.



An initial public offering of the ground-handling unit valued at 2 billion riyals will take place “in weeks,” Saudi Arabian Airlines’ Chief Financial Officer Muhammad Albakri told reporters in Dubai. The sale of shares in the cargo unit is planned for next year, while the maintenance section of the business will IPO in 2017, he said. Saudi Arabian Airlines will sell 30 percent of both at “at least” double the value of the ground-handling division, he said.



IPO activity in Saudi Arabia, home to the Gulf region’s largest stock market, is quickening after markets rallied and valuations improved. Subscription opened for National Commercial Bank’s share sale this week, which at 22.5 billion riyals will be the second-largest IPO in the world in 2014 after Chinese e-commerce business Alibaba."



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