Ground Handling Logistics hires banks for SAR 1 bln IPO

Saudi Arabia’s Ground Handling Logistics is planning to float 30 per cent of its shares on Tadawul in 2019 to raise over SAR 1 billion, The National reported, citing its chief executive Maher Al Nahdi.

The Riyadh-based airport services provider has appointed banks including Al Ahli Bank, Alinma Investment Bank and Riyad Bank to help manage its initial public offering (IPO).

“We will IPO by the third quarter of 2019,” he said, adding, the proceeds will be invested for expansion outside of the Kingdom.

In the UAE, Ground Handling Logistics is in discussions with Dubai's Emirates to offer ground handling services in the airline’s outposts in Saudi Arabia. It is also seeking business with Abu Dhabi International Airport’s new Midfield Terminal when it starts operations late next year.

Meanwhile, Al Nahdi said the company has signed memorandums of understanding to explore partnerships with airports in Turkey, Bahrain and Kuwait.