Sunday, Feb 07, 2010
RIYADH (Zawya Dow Jones)--Arabian Oud Co., the Riyadh-based oriental perfumer, is awaiting the Capital Market Authority's approval for a share sale to the public and listing on the Saudi exchange, a top executive told the official Saudi Press Agency, or SPA, late Saturday.
Abdullah bin Mohammed Al Duwaish, the company's vice chairman, said all the steps necessary for an initial public offering have been completed and a share sale will commence on approval of the regulator, the SPA reports.
The perfumer, which operates a franchise across the Middle East and Africa, expects to open a new factory in Riyadh next month. Al Duwaish said his firm weathered the financial crisis well and was able to acquire "entire forests in Indonesia" during the downturn, according to the SPA.
Arabian Oud, which specializes in pungent scents based on extracts from the Agar wood tree from the Far East that are favored by Gulf Arabs, grew out from a single store in Riyadh in 1982 with annual sales of $500,000 to an international operation with 570 outlets and over $200 million in revenue in 2006, according to the company's Web site and Zawya.com.
The company, like its Dubai-based competitor Ajmal Perfumes, has infused more floral scents into its perfume to appeal to European tastes as it expanded internationally in recent years.
-By Mohammed Aly Sergie, Dow Jones Newswires, +96655-6221334, Mohammed.Sergie@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
07-02-10 0405GMT
