RIYADH: Saudi Arabia’s Al Othaim family has deferred its plans to sell shares of its mall business to the public, Bloomberg reported citing unnamed sources.
The group decided to postpone the initial public offering of Abdullah Al Othaim Investment Co. due to concerns over valuation and market volatility, the sources added.
Bloomberg’s sources said it was seeking up to $500 million from the offering, which could be revived later.
Arab News earlier this month reported that the group had selected GIB Capital to manage an IPO of a 30-percent stake on the Kingdom’s stock market.
Also known as Al Othaim Malls, the firm specializes in the construction, management, and operation of shopping malls as well as entertainment centers, restaurants, and cinemas.