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08-05-14

Al-Hokair Group takes permission for IPO offering in Saudi

(MENAFN) As part of a plan to diversify Riyadh�s bourse, the Capital Market Authority gave the permission for Abdul Mohsen Al-Hokair Group for Tourism and Development Co. to launch an share sale this May, according to Arab News. Al-Hokair Group, which is a family-owned hotel and leisure group, will be able to sell 30 percent of its shares in an initial public offering (IPO). Abdul Mohsen Al-Hokair�s IPO will be divided into two sections and conducted as a book-build offering, meaning the price of the shares will be dictated by demand from investors instead of fixed at the start of the process.