SAL Saudi Logistics to sell 30% stake via IPO on local bourse

SAL Saudi Logistics to sell 30% stake via IPO on local bourse

Image courtesy: SAL/ X

SAL Saudi Logistics Services Company (SAL) said it plans to sell a 30 per cent stake through an initial public offering (IPO) on the Saudi Exchange (Tadawul), as listings in the kingdom gather steam after a slow start to the year.

SAL, said in a statement, that its shareholders – Saudi Arabian Airlines (Saudia) and Tarabot Air Cargo Services – are offering 24 million shares in the cargo firm, which is equivalent to 30 per cent of the company’s paid-up capital post-listing.

Saudia currently owns 70 per cent of SAL while Tarabot holds a 30 per cent stake in the firm.

The utility giant is offering the shares in two tranches — institutional investors and retail investors— between September 25 and, with the final offer price expected to be announced after the book-building process.

SAL is the biggest cargo handling firm in Saudi Arabia, with a 95 per cent market share and provides transit and export shipments across 18 airports including the four international airports of Riyadh, Jeddah, Medina, and Dammam.

مسيرة التحول في #سال_السعودية نبدأها معكم اليوم، بالإعلان عن نية طرح أسهم الشركة للاكتتاب في #تداول_السعودية

يمكنكم معرفة المزيد من خلال الاطلاع على نشرة الإصدار الأولية هنا https://t.co/G2lg2smgHw

— SAL (@SaudiaLogistics) September