Saudia to float 30% of catering unit

18 October 2009

Saudi Arabia's national carrier, Saudia has said that it will offer 30% of its catering unit through an initial public offering in nine months as part of its privatization efforts, Reuters has reported. 'We are now in the path of going further into IPO mode ... it will be the first listed company from the group of Saudia,' Khalid Almolhem, director general of the airline said. The airline's catering unit was the first to go as Saudia sold 49% of it in January 2008, followed by the cargo unit which is now 30% owned by Tarabut Air Freight Service. French bank Calyon's Saudi Arabia office has been chosen to advise on the catering unit's IPO.

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