As many as 10 companies are planning share sales on the Saudi stock exchange, its chief executive said earlier this month.
Saudi Arabia’s Al Othaim family plans to sell shares in its malls business in a deal that could value the company at between $1.5bn and $2bn, according to people familiar with the matter.
Othaim Investment Co, which operates malls and entertainment centres in the kingdom, appointed GIB Capital LLC to advise on the local initial public offering, the people said, asking not to be identified as the information is private. The sale may happen in the first half of 2021, the people said.
While the total value of the family’s assets isn’t clear, Al Othaim Holding’s stake in Abdullah Al Othaim Markets is worth about $766M, according to data compiled by Bloomberg. The retail and grocery business is listed on the Saudi bourse with a market capitalisation of about $2.8bn.
