Saudi Property Firms Plans Post-Virus Riyadh IPO
SAUDI Arabian real estate financing firm Amlak International said it will float 30 per cent of its shares in Riyadh, in what will be the exchange's first initial public offering (IPO) since the coronavirus crisis. The kingdom is encouraging more Saudi companies to list in a bid to deepen its capital markets as part of economic reforms aimed at reducing its reliance on oil revenues. Amlak, which has assets of around 3.1 billion riyals (S$1.15 billion), said the final offer price would be announced on June 30 after a book-building process starting on June 22.
Tags : INTERNATIONAL