Saudi Al Othaim family scraps IPO of malls amid market rout

Saudi Al Othaim family scraps IPO of malls amid market rout

Saudi Al Othaim family scraps IPO of malls amid market rout

July 03 2022 10:53 PM



A woman walks at the Saudi Stock Exchange (Tadawul) in Riyadh (file). Saudi Arabian stocks briefly erased this yearق€™s gains in June and are down more than 16% from highs in May.



Bloomberg/Riyadh

Saudi Arabia’s Al Othaim family has called off its plans to sell shares of its malls business, in a rare instance of an initial public offering in the Middle East being scrapped as a market rally fades.

Abdullah Al Othaim Investment Co decided to cancel the listing of a 30% stake on the Saudi stock exchange, according to a statement, without specifying the reason.

Bloomberg News reported in May that Al Othaim family had delayed the IPO of its mall unit just as it was due to start an investor roadshow for the offering, shortly before the family confirmed the report. The firm said at the time it was rescheduling the listing to select “the best suitable window.”

More family-owned companies have been listing in Saudi Arabia as officials try to deepen its capital markets and shake up traditional ways of doing business. Even though investor appetite for local listings in the