April 15, 2019 / 1:15 PM / 3 months ago

Saudi regulator approves IPO of Alhokair's Arabian Centres Company

DUBAI, April 15 (Reuters) - The Saudi regulator, Capital Market Authority (CMA), said on Monday it had approved the public share listing of Shopping malls operator Arabian Centres Company, owned by the Fawaz Alhokair Group.

Arabian Centres will offer 95 million shares representing a 20 percent stake in the company.

Reuters reported in February that Arabian Centres was seeking $1 billion from a public share listing in the second quarter.

Arabian Centres is a developer, owner and operator of 19 malls across 10 cities in Saudi Arabia.

Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at reducing the kingdom’s reliance on oil revenues. (Reporting by Tuqa Khalid; Editing by Kirsten Donovan)

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