Saudi Olayan family said to plan IPO of bottled water unit

Saudi Arabia-based Olayan family, which runs one of the biggest conglomerates in the country, is planning an initial public offering (IPO) of its bottled water unit, Bloomberg reported, citing unnamed sources familiar with the matter.

Olayan Financing Co., which controls the family’s investments in the Middle East, is said to be working with HSBC’s local unit on the 30 percent sale of Health Water Bottling Co., the sources said.

Olayan plans to list shares on the Saudi Stock Exchange (Tadawul) and a sale could likely take place next year, the people said.

The Olayan family is also said to be considering selling shares in a holding company for about 20 of its units, which could be worth about $5 billion, Bloomberg had reported earlier this month.

Health Water Bottling Co. distributes brands that include Nova mineral water, Holsten non-alcoholic beer and Power Horse energy drink, according to its website.