Saudi's Health Water eyes 30 pct IPO in 2013-sources
DUBAI (Reuters) - Health Water Bottling Co Ltd, a company owned by Saudi Arabian conglomerate Olayan Group, is planning to go public by issuing 30 percent of its shares in a flotation in the first quarter of 2013, three sources said.
Health Water, which was formed in 1973 and is the sole distributor of Holsten non-alcoholic beer and Power Horse energy drink in the kingdom, is planning to raise between 300 million and 500 million Saudi riyals ($80 million-$133 million) from the public offering, said one of the sources.
Health Water, which also owns the "Nova" mineral water brand, has hired Morgan Stanley (MS.N) as financial advisor to manage the sale, the sources said, speaking on condition of anonymity as the matter is not public.
"It's a pretty good business which generated about $120-$130 million in net income last year. A float from the group is going to generate investor interest," the source said.
Health Water officials were not immediately available for comment. Olayan Group is one of the largest family-owned firms in the kingdom and owns a sizeable stake in Swiss bank Credit Suisse CGSN.VX.
It has a multi-billion dollar portfolio of investments spread across major asset classes globally.
($1 = 3.7501 Saudi riyals)
(Editing by Sitaraman Shankar)
NEW YORK - With the U.S. Federal Reserve finally announcing it will start tapering its stimulus, removing a big uncertainty in the market, can Wall Street expect a stronger finish to the year? Not really.
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.