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Sun 27 Jun 2010 08:36 PM

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Saudi regulator approves two IPOs for 2010

Several Saudi Arabian companies have unveiled IPO plans this year.

Saudi regulator approves two IPOs for 2010
IPOs APPROVED:Saudi Arabias stock market regulator said that it had approved two initial public offerings on Sunday, which would be completed before the end of the year. (Getty Images)

Saudi Arabia's stock market regulator said on Sunday it approved two initial public offerings (IPOs) to be completed before the end of the year.

Al Jouf Cement Co will offer 50 percent of its shares to the public, or 65 million shares at 10 riyals ($2.7) a share, the regulator said a statement on Sunday.

The offering will take place from July 19-25, making it the ninth cement company to be listed on the Saudi stock exchange.

Abdullah AM Al Khodari Sons Co will offer over 12 million shares to the public from October 4-10 this year, representing 30 percent of the company, the statement said.

The statement said: "Portion of the offered shares will be allocated for mutual funds & authorised persons."

The Saudi stock market is the largest in the Gulf and several Saudi companies have unveiled IPO plans this year but in February travel agent Al Tayyar travel Group put on hold its IPO plans due to weak demand. (Reuters)

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