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FINANCIAL NEWS
Saudia catering unit to float 30% of its shares
19 Jun 2012
(MENAFN) Saudi Airlines Catering Company, the catering unit of Saudi Arabian Airlines (Saudia) plans to raise USD350 million by offering 30 percent of its shares in an initial public offering (IPO), Reuters reported.
The move was long awaited by investors as the company will be the first part of the Saudi flag carrier to be listed on the stock market.
The company is offering a total of 24.6 million shares, to which 50 percent was subscribed by institutional investors, while retail investors will subscribe to the other half between June 18 and 24.
The catering unit was originally aimed for a flotation in late 2010, but it ran into delays in securing regulatory approval.
Saudi Arabian Airlines began the first step into privatization six year ago by splitting into six units: catering, cargo, maintenance, airlines, flight academy and ground handling. It plans to privatize each of the units individually and offer them to the public.
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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