Jun 06 2012
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Saudi Airlines Plans IPO For Ground Services Unit -Director General
Wednesday, Jun 06, 2012
(This story was originally published Tuesday.)
DUBAI (Zawya Dow Jones)-- Saudi Arabian Airlines , or Saudia , plans an initial public offering for its unit Ground Services Co. after it completes its offering of Saudi Airlines Catering Co. later this month, Al Arabiya television reported Tuesday, citing the firm's Director General Khaled al-Mulhim.
"The closet company that is ready for an IPO is Saudi Ground Services...we've already started preparing the company structurally and legally," al-Mulhim told the Dubai-based news channel.
Saudia in 2006 was divided into six units to be privatized individually. In a 2008 private placement, catering became the first unit to undergo privatization.
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