April 16, 2019 / 4:21 AM / 3 months ago

Alhokair's Arabian Centres says intends to IPO on Saudi bourse

RIYADH, April 16 (Reuters) - Shopping mall operator Arabian Centres Company, owned by Fawaz Alhokair Group, said on Tuesday it would proceed with an initial public offering of 20 percent of the company on Saudi Arabia’s stock exchange.

“The net proceeds due to the Company will be used to reduce debt and (if there is any surplus) for general corporate purposes,” the company said in a statement emailed to Reuters.

Reuters reported in February that Arabian Centres, which develops, owns and operates 19 malls across 10 cities in the kingdom, is seeking $1 billion from a public share listing in the second quarter.

Reporting By Stephen Kalin; Editing by Saeed Azhar

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