FINANCIAL NEWS

Saudi Almutlak postpones IPO to next year

30 Mar 2010

(MENAFN) A senior executive at Almutlak Trade and Industries announced that the Saudi automotive group has postponed its planned initial public offering (IPO) to the second half of 2011 after becoming involved in new expansion projects, Reuters reported.

He pointed out that once these projects have started operating, the company is expected to enhance the value of the company and its shares. Almutlak had initially planned an IPO for the first quarter of 2010.

Almutlak has units specialising in metals, auto repairs and spare parts. Its tyres unit is the sole agent for Continental tyres in Saudi Arabia, the group’s website said.

Several Saudi companies have unveiled IPO plans as the Saudi bourse is among the best-performing in the Gulf region. But in February, travel agent Al-Tayyar Travel Group put on hold IPO plans due to weak demand.

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