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.
In May, Saudia secured the nod from the Capital Markets Authority, or CMA, to offer 24.6 million shares, or 30% of Saudia Catering's total outstanding shares to the public between June 18 and June 24.
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.
-By Summer Said and Iman Dawoud, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
06-06-12 0337GMT
