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Mon 10 Feb 2014 06:03 PM

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Saudi airline picks adviser for cargo unit IPO

Saudi Arabian Airlines chooses arm of Samba Financial Group for initial public share offer

Saudi airline picks adviser for cargo unit IPO

Saudi Arabian Airlines (Saudia) has chosen Samba Financial Group to advise it on the initial public share offer (IPO) for its cargo unit, it said on Monday.

A senior official from Saudia told Reuters last week the IPO of the cargo unit would go ahead this year, with a stake in the maintenance subsidiary sold to the public before June 2015.

The cargo unit would be the second of six units - the others are catering, ground services, maintenance, airlines and flight academy - to pursue a stock market listing following Saudia's decision in 2006 to privatise them.

The first of the units to be sold publicly, Saudi Airlines Catering Co, raised $347 million with an IPO for 30 percent of its shares in 2012.

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