Saudi regulator okays telco IPO, first offer in 2011
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)
- Tweet this
- Share this
- Digg this
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article