February 17, 2014 / 3:25 PM / 4 years ago

Saudi hardware retailer picks HSBC's Saudi arm as listing adviser

DUBAI, Feb 17 (Reuters) - Saudi Company for Tools and Hardware (Saco) has chosen HSBC’s Saudi Arabian unit to advise it on a planned initial public offering, a statement from the retailer said on Monday.

The firm will list 30 percent of its shares on the kingdom’s stock exchange “soon”, the statement said without specifying a date for the flotation or the size of the deal.

Established in 1985, Saco operates 21 retail outlets for home improvement materials and tools in 12 cities across the kingdom, according to the statement. (Reporting by David French; Editing by Louise Ireland)

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