Saudi Mall Owner Seeks $836 Million From Initial Share Sale - Bloomberg:
Fawaz Alhokair Group, the Saudi retailer that owns the franchise for brands like Banana Republic and Zara, is seeking to raise as much as 3.1 billion riyals ($836 million) from selling shares in its malls unit. It would be the country’s largest IPO since 2014.
Arabian Centres Co. set the price range of the initial public offering at 26 riyals to 33 riyals, valuing it at as much as 15.7 billion riyals. The company operates 19 shopping malls in the kingdom.
Saudi share sales slowed as the kingdom’s economy grappled with lower oil prices. Listings by companies and real-estate investment trusts raised almost $900 million last year, down from $6.7 billion in 2014, according to data compiled by Bloomberg.
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