RIYADH: Abdullah Al Othaim Investment Co. plans to join Saudi Arabia’s stock market with an initial public offering of a 30 percent stake.
GIB Capital, which was selected to manage the offering, announced in a bourse statement that the company intends to proceed with an IPO of 30 million shares on the main Saudi index TASI.
Also known as Al Othaim Malls, the company specializes in the construction, management, and operation of shopping malls across the Kingdom.
“The listing will provide an important strategic dimension to propel the company’s growth strategy, enabling expansion into new geographies and building upon the success of its mall and entertainment offerings,” the company’s chairman Abdullah Al-Othaim said in a statement.
“Ultimately, our customers, investors, and the wider community alike will benefit from the resulting increase in quality offerings, particularly in currently underserved areas, as well as job creation in line with Vision 2030,” he added.
The company operates a total of 10 shopping malls, 38 entertainment centers, 37 fashion retail stores, 29 restaurants and coffee shops and two cinemas.