Saudi travel firm Al-Tayyar plans 30% IPO

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi Arabia's Al-Tayyar Travel Group has received approval to sell a 30 percent stake to the public, the bourse regulator said on Sunday, two years after the firm scrapped a similar sale due to a lack of demand.

The Capital Market Authority approved the initial public offering of 24 million shares, it said in a statement on the bourse website.

The 30 percent IPO, a portion of which will be allocated to institutional investors, will be open May 14-20 once a book-building process is completed, the statement said.

The group's president, Nasser Al-Tayyar, declined to comment when contacted by Reuters.

In 2009, the company said it planned to raise SR1.2bn ($320m) from an IPO. This was slated to launch in April 2010, but was cancelled due to a lack of demand.

Al-Tayyar Group started as a family business in 1979.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Little-known investor poised to score big with Twitter IPO

Little-known investor poised to score big with Twitter IPO

New Yorker Suhail Rizvi has quietly amassed a $1bn 15% stake...

Mark Zuckerberg: A billionaire's life

Mark Zuckerberg: A billionaire's life

Arabian Business takes a closer look at the growth of a New Media...

1
Is Facebook really worth $100bn?

Is Facebook really worth $100bn?

The time has finally come for the internet’s biggest phenomenon...

2
Most Popular
Most Discussed