UPDATE 1-Saudi Arabia's Bindawood postpones IPO to September -sources - Reuters:
Saudi Arabian supermarket retailer Bindawood Holding has postponed its planned initial public offering (IPO) to September, two sources with knowledge of the matter told Reuters.
Bindawood, which controls supermarket chains under its own brand and Danube in the kingdom, was preparing for a public share sale in the second quarter.
However, the IPO market worldwide has been hit by the economic disruption caused by the COVID-19 pandemic. The market in the Gulf tends to cool in the summer anyway, before picking up again in September.
The Saudi market regulator, the Capital Market Authority (CMA), approved Bindawood’s application to list in June. The regulator gives companies six months from the date of approval to list.
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