Saudi’s Arabian Centres scores $9.7mln from Amlak IPO, announces dividend – ZAWYA

Saudi’s Arabian Centres scores $9.7mln from Amlak IPO, announces dividend – ZAWYA

Saudi's Arabian Centres scores $9.7mln from Amlak IPO, announces dividend | ZAWYA MENA Edition HomeMarketsEquitiesArticleSaudi's Arabian Centres scores $9.7mln from Amlak IPO, announces dividend Mall operator says its financial position has improved despite COVID-19    A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose. Arabian Centres Company (ACC) will be distributing cash dividend worth 237.5 million Saudi riyals ($63 million) to its shareholders as its financial position has improved despite market disruptions due to COVID-19.The Saudi Arabia-based mall operator, which earlier incurred a 20 percent slump in net profit partly due to the health crisis, made the announcement after it gained a $9.7 million windfall from Amlak International for Real Estate Finance IPO early this month. The IPO attracted more than 266,000 retail subscribers.In a bourse filing on Tuesday, the company said the dividend distribution is mainly supported by its "sound financial position.“The Saudi Arabia-based mall operator, which earlier incurred a 20 percent slump in net profit partly due to the health crisis, made the announcement after it gained a $9.7 million windfall from Amlak International for Real Estate Finance IPO early this month. The IPO attracted more than 266,000