Saudi's Abdul Mohsen al-Hokair gets regulator nod for IPO -statement

DUBAI Wed May 7, 2014 9:04am EDT

DUBAI May 7 (Reuters) - Saudi Arabia's market regulator has granted permission for Abdul Mohsen al-Hokair Group for Tourism and Development Co to launch an initial public offering to sell 30 percent of its shares, a bourse statement said on Wednesday.

The 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.

The first section will be for mutual funds and "authorised persons", after which the price of shares will be set. A second period for retail investors to subscribe to shares will run from May 28 to June 3, the statement added.

Abdul Mohsen al-Hokair's hotel operations include Hilton and Holiday Inn hotels in the Middle East.

The company is not related to Saudi Arabian retailer Fawaz Abdulaziz Alhokair. (Reporting by Matt Smith; Editing by David French)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video