UPDATE 1-Alhokair's Arabian Centres announces IPO plans, could raise $1 bln - Reuters

UPDATE 1-Alhokair's Arabian Centres announces IPO plans, could raise $1 bln - Reuters:

Shopping mall operator Arabian Centres Company, owned by Fawaz Alhokair Group, said on Tuesday it would proceed with an initial public offering (IPO) in Saudi Arabia that could raise about $1 billion from local and international investors.

Arabian Centres will offer 95 million shares, which represent a 20 percent stake. Riyadh is encouraging more family owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing reliance on oil revenue.

The offering might start around April 28, Chief Executive Olivier Nougarou told reporters, adding that the IPO could raise “in the range of $1 billion, but it’s very difficult to confirm...”