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28/05/2015 21:12 AST
Saudi Ground Services Company, a unit of national carrier Saudi Arabian Airlines, has set the price for its 30 per cent initial share sale at 50 riyals ($13.3) per share, a statement from the company's financial adviser said on Thursday.
The price, set following a book-building process with institutional investors, means the company will raise 2.8 billion riyals ($752 million) from the offer.
The public offer, first announced in 2012, is part of a move to privatise the Saudi airline.
A subscription period for retail investors will run from June 3 to 9, with 22.56 million shares allocated to them out of a total 56.4 million shares, according to the statement from HSBC's Saudi Arabian unit.
The bank added that institutional investors had pledged orders nine times higher than the full amount of shares offered during the book building.
Around 90 per cent of shares allocated to institutions will go to investment funds, and final allocations will be announced after retail subscriptions are complete, the statement said.
Saudi Arabia's stock market regulator has said it will raise the proportion of shares allocated to institutional investors in initial public offers as it aims to reduce volatility in the market.
Reuters
31/01/2018
For the leading national ground handling Saudi Ground Services Company (SGS) 2017 was a very busy year, where the company served over 87,873,000 passengers and 344,028 flights for 99 of SGS airline c
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Saudi Ground Services Co. announces that Board Member Mr. Rashid Bin Abdullah Almuqait (Independent) has submitted his resignation to Board of Directors on 06-08-2015 to avoid conflict of interest as
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07/05/2015
Saudi Arabia's stock market regulator said on Wednesday it had approved an initial public offering of shares in an aviation ground handler, which is set to be the third flotation this year in the Kin
Reuters
| Ticker | Price | Change |
|---|---|---|
| QGTS | 4.32 | -0.01 (-0.33 |
| SAL | 279.40 | -1.20 (-0.43 |
| QNNS | 11.25 | 0.06 (0.53 |
| BUDGETSAUDI | 84.80 | 0.00 (0.00 |
| LUMI | 77.50 | 0.70 (0.91 |
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