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Sun 13 May 2012 09:56 AM

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KSA's Al Tayyar Group to sell 30% stake to public

Travel group will sell 24m shares at a price of US$15.20 per share from May 14

KSA's Al Tayyar Group to sell 30% stake to public
(Bloomberg)

Saudi Arabia’s Al Tayyar Travel Group will sell 30 percent of its shares to the public, the group and Samba Capital, the issuing bank, said today in an e-mailed statement.

The group will sell 24m shares at a price of SAR57 (US$15.20) per share with half of the issued shares to be sold to individuals while the rest will be offered to institutional investors, the statement said. The initial public offering to individual investors will start on May 14 and will close on May 20, it said.

The Riyadh-based travel group made SAR4.7bn in revenue last year, and it made SAR611m in profits, the statement said.

The group’s net income rose 30 percent in first quarter this year to SAR153m, it said.

Al Tayyar Travel Group operates 300 branches in Saudi Arabia and has 27 travel companies under its umbrella, according to the statement.

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