BLOOMBERG/SIMON DAWSON
Saudi Arabia’s BinDawood Group is working with Goldman Sachs Group and JPMorgan Chase & Co. as joint global coordinators on a planned listing of its supermarket business on Tadawul as early as next year, reportedBloomberg.
The company is also working with GIB Capital on the deal, which could value the business at more than SAR 7 billion ($1.87 billion). Moelis & Co. is working as the financial adviser.
The group started preparations earlier this year to list the company that operates the BinDawood and Danube supermarkets and hypermarkets. The deal will allow Investcorp Bank to exit its minority stake in the retailer, marking the buyout firm’s third exit from Saudi investments via an initial public listing (IPO) in five years.
Share sales in the Kingdom are picking up after a five-year slump. Oil giant Saudi Aramco is planning what’s set to be the biggest ever IPO, which could raise around $40 billion. Saudi Arabia’s Tadawul is drawing interest from global emerging-market investors after it was added to benchmarks compiled by MSCI and FTSE Russell. Saudi retailer Fawaz Alhokair Group raised around SAR 2.47 billion earlier this year from the listing of its malls unit.
MOST READ
MARKETS
Oil drops 31 per cent as price war erupts...MARKETS
Egypt plans to resume IPOs of parastatalsMARKETS
ENBD REIT plans to delist from Nasdaq DubaiMARKETS
DGCX lists RAKBANK as a new trade memberMARKETS
Saudi Aramco plans to complete IPO this year
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
