Saudia plans catering unit IPO before years end

22 Jun 2011

(MENAFN) Saudi Arabian Airlines plans to hold the postponed initial public offering (IPO) for its catering unit, estimated to be worth between USD400 million and USD 500 million, by the end of the year, Reuters reported.

The IPO was delayed once before, from the third quarter of 2010 to the second quarter of 2011. A holdup in regulatory approval for the offering of 30 percent of the unit to the public pushed the date back again, to the end of 2011, Saudi Arabian Airlines Director General Khaled Al-Molhem said.

France’s Credit Agricole is to serve as advisor for the IPO, Al Molhem said.

In 2006, Saudi Arabian Airlines divided into six units, catering, cargo, maintenance, airlines, flight academy, and group handling to be privatized individually. In a 2008 private placement, catering became the first to undergo privatization.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more