Saudi regulator okays telco IPO, first offer in 2011

JEDDAH Sun Apr 10, 2011 9:44pm IST

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JEDDAH (Reuters) - Saudi Arabia's stock market regulator approved on Sunday the first initial public offering on the biggest Arab bourse this year to be completed in the second quarter.

Saudi Integrated Telecommunication Company will offer 35 percent of its shares at 10 riyals ($2.7) a share to be offered between May 2 and May 8, the capital markets authority said in a bourse statement.

The telecoms firm will offer in total 35 million shares, 5 million of which will be allocated to the General Organisation for Social insurance, the statement said.

(Reporting by Asma Alsharif; Editing by Ulf Laessing and Jon Loades-Carter)

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