Saudi mall operator Arabian Centres is set to raise as much as 2.8 billion riyals ($747 million) after pricing its initial public offering (IPO) at the bottom of its indicative range, according to a company document.
Shopping mall operator Arabian Centres, owned by Fawaz Alhokair Group, will this month launch what could be Saudi Arabia’s largest initial public offering in five years, which it hopes will raise around $1 billion.
The billionaire co-owner of retailer Fawaz Alhokair Group has been arrested as part of an anti-corruption operation in Saudi Arabia. The group represents brands including Aldo, Mango and New Look in the Middle East.
Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co missed analysts' estimates as it reported a 98 percent fall in fourth-quarter net profit on Thursday after its operations made losses and total group sales fell.