Al-Tayyar targets $320m in IPO

21 December 2009

Nasser Al-Tayyar, president of Saudi Arabia's Al-Tayyar Travel Group, has said the firm plans to raise SR1.2bn ($320m) from an initial public offering and plans to spend SR500m over the next two years to expand, Reuters has reported. 'We are offering 24 million shares and expect to raise about SR1.2bn,' he told the news service. With offices in the Middle East, Thailand, India, Malaysia, Canada and the US, the group wants to invest in the UK and is also looking at Australia. The company also plans to increase its number of offices in the kingdom from 250 to 277 next year, as well as doubling its fleet of rental cars within three years.

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