DUBAI May 7 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
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
(Reporting by Matt Smith; Editing by David French)