Saudi Arabia’s Al Othaim Family Said to Plan IPO for Malls Unit - Bloomberg:
Saudi Arabia’s Al Othaim family plans to sell shares in its malls business in a deal that could value the company at between $1.5 billion and $2 billion, according to people familiar with the matter.
Othaim Investment Co., which operates malls and entertainment centers in the kingdom, appointed GIB Capital LLC to advise on the local initial public offering, the people said, asking not to be identified as the information is private. The sale may happen in the first half of 2021, the people said.
Final decisions haven’t been made and the company may decide not to proceed, the people said. Representatives for Al Othaim Holding and GIB didn’t immediately respond to requests for comment.
While the total value of the family’s assets isn’t clear, Al Othaim Holding’s stake in Abdullah Al Othaim Markets is worth about $766 million, according to data compiled by Bloomberg. The retail and grocery business is listed on the Saudi bourse with a market capitalization of about $2.8 billion.
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