Saudi Arabia’s BinDawood Holding sets IPO price range

BinDawood’s IPO marks another major listing for Saudi Arabia’s bourse, the Tadawul. (AFP)
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Updated 13 September 2020

Saudi Arabia’s BinDawood Holding sets IPO price range

  • Company plans to offer 22.86 million existing shares at an indicative pricing of between $22.44 and $25.64
  • BinDawood owns the Danube and BinDawood supermarket brands

DUBAI: Saudi Arabian supermarket retailer BinDawood Holding set an indicative price for its initial public offering, seeking to raise as much as $585 million (2.19 billion Saudi riyals) in a Riyadh listing.
The company plans to offer 22.86 million existing shares at an indicative pricing of between $22.44 and $25.64 (84 riyals to 96 riyals) per share in the planned IPO, according to a regulatory filing on Sunday. It will sell 20 percent of the company through the sale of existing shares.
It targets a valuation of between $2.56 billion and $2.94, according to Reuters calculations.
BinDawood’s IPO marks another major listing for Saudi Arabia’s bourse, as companies tap into Saudi demand for shares since oil giant Aramco’s record IPO last year.
The bookbuilding period for institutional investors will take place between Sept. 13-22, the filing said. The subscription period for retail investors will take place between Sept. 27-29. Allocations of the shares will take place on Oct. 1.
Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under reforms aimed at reducing the kingdom’s reliance on oil revenues.
BinDawood, which owns the Danube and BinDawood supermarket brands, manages over 70 hypermarkets and supermarkets in major Saudi cities including Makkah, Medina, Jeddah, Riyadh, Khobar and Dammam, according to its website.
The BinDawood supermarket chain is focused on the middle-income customers and Muslim pilgrims in the kingdom, while the Danube chain is focused on wealthier customers.


First Abu Dhabi Bank and Egypt Post launch services drive

Updated 30 September 2020

First Abu Dhabi Bank and Egypt Post launch services drive

  • The First Abu Dhabi Bank is the largest bank in the United Arab Emirates

CAIRO: First Abu Dhabi Bank in Egypt has signed a memorandum of understanding with Egypt Post to boost financial inclusion in society and improve customer services.

The strategy is in line with the country’s plan to improve and develop communication channels with citizens and improve access to basic services.

The agreement was signed by Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, and Sherif Farouk, Chairman of the National Postal Authority, Egypt Post.

A statement issued by First Abu Dhabi Bank said the memorandum of understanding will improve access to post offices, through which foreign remittances, salaries and pensions can be received and disbursed by Egyptians at home and abroad.

The partnership will also help the bank provide notification and collection services to customers, payments through its mobile smart wallet, services for collecting and paying customer dues, exchange and collection services for small and medium enterprises, credit services and contractual postal services.

The statement added that the agreement will build a culture of financial inclusion and awareness, while also reducing the cost of banking operations.

Farouk said that the memorandum will allow the authority to handle remittances of overseas Egyptians through its 4,000 Egypt Post branches across the country.

Fayed said the partnership is part of the bank’s strategy to boost access to customer services, whether individuals or companies.

He added that money transfers from outside Egypt are one of the most important sources of foreign currency for the country. Easing money transfers for Egyptians working abroad with First Abu Dhabi Bank via the National Postal Authority will increase the amount of remittance exchange outlets and transfers.

The First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest financial institutions in the world. Its network of branches are in 19 countries around the world, including Egypt.