Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Arabian Centres Company’s request to float a 20% stake in an initial public offering (IPO).
The Saudi shopping malls operator, owned by Fawaz Alhokair Group, will offer 95 million shares, the kingdom’s financial regulator said in a statement on Monday.
CMA’s approval shall be effective for six months from the date of its decision and shall be deemed cancelled if the company’s shares are not completely listed during this period.
In January, Saudi Arabia’s Fawaz Alhokair Group was reportedly planning to float a stake in its malls arm, Arabian Centres Company, on the Saudi Stock Exchange (Tadawul) in the second quarter of 2019, people familiar with the matter previously said.
