Saudi regulator approves two IPOs for 2010
Riyadh, June 27, 2010
Saudi Arabia's stock market regulator said on Sunday it approved two initial public offerings (IPOs) to be completed before the end of the year.
Al Jouf Cement Co will offer 50 percent of its shares to the public, or 65 million shares at 10 riyals ($2.7) a share, the regulator said a statement on Sunday.
The offering will take place from July 19-25, making it the ninth cement company to be listed on the Saudi stock exchange.
Abdullah AM Al Khodari Sons Co will offer over 12 million shares to the public from October 4-10 this year, representing 30 percent of the company, the statement said.
"Portion of the offered shares will be allocated for mutual funds & authorised persons," the statement said.
The Saudi stock market is the largest in the Gulf and several Saudi companies have unveiled IPO plans this year but in February travel agent Al-Tayyar travel Group put on hold its IPO plans due to weak demand. - Reuters