Saudi retail giant said to restart plan for IPO for malls

Arabian Centres raised a 7.2B riyals loan last May...
Arabian Centres raised a 7.2B riyals loan last May...

Fawaz Alhokair Group, whose billionaire co-founder was detained in Saudi Arabia’s declared corruption crackdown, is restarting work on the initial public offering of its Arabian Centres malls unit, people familiar with the matter said.

The group is working with Moelis & Co, Morgan Stanley, Samba Financial Group and NCB Capital on plans to sell 30 percent of the company and list the shares on the Saudi stock exchange, the people said, asking not to be identified because the information is private.

Arabian Centres has applied to the markets regulator for the sale, which could happen in the second quarter of this year, the people said.