#SaudiArabia’s Airline Saudia, Tarabot Air Cargo to List 30% Stake in Cargo Firm - Bloomberg

Saudi Arabia’s Airline Saudia, Tarabot Air Cargo to List 30% Stake in Cargo Firm - Bloomberg

Saudi Arabia’s biggest airline and another shareholder will list a 30% stake in cargo firm SAL Saudi Logistics Services Co. in a Riyadh initial public offering, as the kingdom’s market for listings picks up after a slow start to the year.

Saudi Arabian Airlines Corp., also known as Saudia, and Tarabot Air Cargo Services Ltd. are offering 24 million shares in the cargo firm in the Tadawul listing, according to a statement on Tuesday. Saudia currently owns 70% of SAL while Tarabot owns 30% of the firm.

SAL joins a growing pipeline of companies looking to list in the Persian Gulf’s biggest market, buoyed by a 12% rally in the benchmark index since a March low on more stable oil prices and optimism from earnings.

Oil driller ADES Holding Co., backed by the kingdom’s sovereign wealth fund, started taking investor orders for its IPO of as much as $1.2 billion on Sunday, set to be Saudi Arabia’s biggest of the year. Meanwhile car rental firm Lumi Rental Co. drew orders of about $27 billion for its $290 million listing last week, underscoring continued appetite for Saudi share sales.