The Saudi regulator, Capital Market Authority (CMA), said on Monday it had approved the public share listing of Shopping malls operator Arabian Centres Company, owned by the Fawaz Alhokair Group.
Arabian Centres will offer 95 million shares representing a 20 per cent stake in the company.
Arabian Centres is a developer, owner and operator of 19 malls across 10 cities in Saudi Arabia.
The initial public offering (IPO) could raise about $1bn, the company’s CEO Olivier Nougarou said on Tuesday.
“We cannot bet on any number. It could be in the range of $1 billion…,” Nougarou told reporters.
The company aims to increase the total number of shopping centres to 27 from 19 in four years, the CEO added.
Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at reducing the kingdom’s reliance on oil revenues.