Abdullah Al-Othaim Markets Company announced, in a statement on “Saudi Tadawul”, today, Sunday, that it had received a letter from Abdullah Al-Othaim Investment Company stating that the initial public offering of 30% of its capital in the main Saudi financial market was cancelled.
Last March, the Board of Directors of Abdullah Al Othaim Markets Company agreed to sell its entire 13.65% stake in Abdullah Al Othaim Investment Company through a public offering in the main financial market, and the company obtained the approval of the Capital Market Authority in this regard.
Bloomberg reported, citing sourcesThe Saudi Al-Othaim family has suspended plans for an initial public offering of its shopping mall business, as the sources pointed to concerns regarding the impact of global stock market turmoil on the offering’s valuation.
The sources said that the Al-Othaim family postponed the listing of Abdullah Al-Othaim Investment Company, due to concerns regarding the valuation and volatility of the shares, according to what Al Arabiya.net has seen.
The sources indicated that the company was aiming to raise $400 million to $500 million from the offering on the Saudi Stock Exchange, while the sources indicated that the offering plan might be revived once more at a later time.
