Saudi Arabian mall operator Arabian Centres Co could raise up to $836 million at...
DUBAI - Saudi Arabian mall operator Arabian Centres Co could raise up to $836 million at the top end of the price range for its initial public offering , the sale prospectus showed on Sunday.
Arabian Centres plans to sell 95 million shares at 26 riyals to 33 riyals per share, the document showed, implying a market capitalization of between 12.4 billion riyals and 15.7 billion riyals on listing. Riyadh has been encouraging more family-owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing reliance on oil revenue.
Gross proceeds from the sale of new shares would be used for debt repayment, the document said. The deal comprises 65 million existing shares being sold by the current shareholders and 30 million new shares, with a listing scheduled for late May. Four cinemas are already under construction, with 12 more to come over the next two years, he added. A decades-long ban on movie theaters was lifted last year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia says to coordinate with other producers to ensure adequate oil supplySaudi Arabia said on Monday it would coordinate with other oil producers to ensu...
Read more »
If Sanctions Cut Iran's Oil Exports To Zero, Would Saudi Arabia Really Fill The Void?If Saudi Arabia commits to increase oil production for Trump's Iran sanctions policy, it could destroy the kingdom's leverage in OPEC.
Read more »
Saudi Arabia will feel Trump’s Iran slap tooThe U.S. president will fully enforce sanctions on Tehran’s oil exports. Riyadh must pump more to prevent crude prices spiking further, which it has the scope to do. But doing Trump’s bidding will rankle OPEC peers. And the administration has a track record of changing its mind.
Read more »
If Sanctions Cut Iran's Oil Exports To Zero, Would Saudi Arabia Really Fill The Void?If Saudi Arabia commits to increase oil production for Trump's Iran sanctions policy, it could destroy the kingdom's leverage in OPEC.
Read more »
China slams US on Iran oil sanctions, Saudi Arabia welcomes US moveBeijing said Washington's decision to impose sanctions on buyers of Iranian oil will 'intensify turmoil' in the Middle East. The US said on Monday it will penalise any imports of Iranian oil from May 2.
Read more »
Saudi Arabia welcomes U.S. move to end all Iran sanction waiversSaudi Arabia's foreign minister on Tuesday welcomed a U.S. decision to end ...
Read more »
Saudi Arabia executes 37 citizens for terrorism crimesTheir government publicly pinned two of the bodies to a pole as a warning to others.
Read more »
Saudi Arabia welcomes U.S. move to end all Iran sanction waiversSaudi Arabia's foreign minister on Tuesday welcomed a U.S. decision to end all Iran sanction waivers by May, saying it was a necessary step to halt Tehran's 'destabilising' policy in the region. 'Saudi Arabia fully supports this step taken by the United States as it is necessary
Read more »
Saudi Arabia executes 37 people, crucifying one, for terror-related crimesSaudi Arabia has executed 37 men convicted of terror-related crimes, the kingdom's official news agency says
Read more »
Saudi Arabia puts to death 37 people in largest mass execution in past three yearsAt least three of those executed were minors at the time of their alleged crimes, a human rights group said.
Read more »
Saudi Arabia beheads 37 for terrorism crimes, most of them minority ShiitesSaudi Arabia has beheaded 37 Saudi citizens, most of them minority Shiites, in a mass execution across the country for alleged terrorism-related crimes.
Read more »