Grocery retailer Bindawood announces intention to list on Saudi bourse | ZAWYA MENA Edition:
Saudi Arabian grocery retailer BinDawood Holding Co on Monday announced its intention to list on the Saudi bourse, with plans to sell existing shares and have a free float of 20%.
The company has 73 stores including 51 hypermarkets and 22 supermarkets, making it the third-largest operator of hypermarkets and supermarkets in Saudi Arabia by revenue in 2019, it said.
BinDawood Holding, which controls supermarket chains BinDawood and Danube in the kingdom, this year postponed its planned IPO in the wake of the coronavirus outbreak.
Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at cutting the kingdom’s reliance on oil.
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