Saudi Travel Firm Al-Tayyar Plans 30 Percent IPO
Saudi Arabia's Al-Tayyar Travel Group has received approval to sell a 30 percent stake to the public, the bourse regulator said on Sunday, two years after the firm scrapped a similar sale due to a lack of demand.
April 16, 2012 3:38 by kippreport
The Capital Market Authority approved the initial public offering of 24 million shares, it said in a statement on the bourse website.
The 30 percent IPO, a portion of which will be allocated to institutional investors, will be open May 14-20 once a book-building process is completed, the statement said.
The group’s president, Nasser Al-Tayyar, declined to comment when contacted by Reuters.
In 2009, the company said it planned to raise 1.2 billion riyals ($320 million) from an IPO. This was slated to launch in April 2010, but was cancelled due to a lack of demand.
Al-Tayyar Group started as a family business in 1979.
(Reporting by Asma Alsharif; editing by Matt Smith)
More on GCC
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
Lately on Kipp
-
Qatar Should Consider More Flexible Exchange Rate – Central Banker
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Yahoo on Tumblr: ‘we promise not to screw it up’
-
Sourcefire Delivers Unprecedented Visibility And Tracking Of Malware
-
Starcom MediaVest Group wins Yas Marina Circuit account
