FINANCIAL NEWS

Al Tayyar cancels IPO in Saudi Arabia

21 Feb 2010

(MENAFN) Al Tayyar Travel Group announced that it has cancelled an initial public offering (IPO) in Saudi Arabia on February 22-28 after a book-building process failed to attract enough demand, Reuters reported.

Al Tayyar, which organizes holiday packages and owns a corporate car rental service, said its IPO had been delayed and it would relaunch it within one to two months.

Saudi Bourse regulator Capital Market Authority (CMA) said it had approved Al Tayyar’s request to stop the IPO after institutional investors offered less than what the company was seeking to raise.

Al Tayyar was hoping to raise $320 million from the sale of 24 million shares, or 30 percent of its capital.

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