IPO activity to pick up

02 September 2005
Gulf International Bank (GIB)has been appointed to advise on the initial public offering (IPO) of shares in food company Halwani Brothers. Kayan Petrochemical Company, the project company for the Jubail petrochemicals complex planned by the local Project Management & Development Company (PMD), has also announced plans to stage an IPO in the fourth quarter of 2005.

GIB has several mandates to arrange IPOs in the kingdom, among them the sale of shares in Ajlan Abdulaziz al-Ajlan & Brothers, due to come to market in the third quarter of 2006, and Al-Rabie Saudi Foods Company. Also due in 2006 are the offering of shares in Saudi Research & Marketing Companyand in poultry firm Al-Akhawain, both being arranged by Samba Financial Group, and in Al-Obeikan Industrial Investment Group, being managed by Saudi Hollandi Bank.

HSBCand local affiliate Saudi British Bankhave the mandate to arrange the sale of 30 per cent of shares in Al-Babtain Power & Telecommunication Company, also likely to take place in 2006, and in Aldrees & Sons Company. Shares in Saudi Arabian Mining Company (Maaden)and National Commercial Bankhave long been due to be publicly issued, but the timing remains uncertain.

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