Saudi Arabia’s Alhokair Planning IPO of Egyptian Malls Unit - Bloomberg Business

Saudi Arabia’s Alhokair Planning IPO of Egyptian Malls Unit - Bloomberg Business:



"Saudi Arabia’s Fawaz Alhokair Group plans to raise as much as $400 million from the sale of shares in its Egyptian malls unit, owner of one of the country’s largest shopping centers.



The family-owned group appointed CI Capital to advise on the offer, Muhanad Awad, chief executive officer of FAS Capital, the financing and investment arm of Alhokair, said in a Riyadh interview. Alhokair will sell a 25 to 30 percent stake in Egyptian Centres, which operates Cairo’s Mall of Arabia.



Proceeds from the sale will be used to fund expansion of Mall of Arabia and develop new shopping centers, he said. The company expects to raise between 2.5 billion and 3 billion Egyptian pounds ($340 million to $400 million), Awad said."



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