Dar Al-Arkan Properties to float 30% stake in IPO

31/12/2017 Argaam

 

Dar Al-Arkan Real Estate Development Co.'s board of directors approved on Thursday the floatation of a 30 percent stake of wholly-owned subsidiary, Dar Al-Arkan Properties in initial public offering (IPO).

 

Samba Capital was appointed as financial adviser for the planned offering, the real estate developer said in a bourse statement today.

 

Dar Al-Arkan has yet to obtain necessary regulatory approvals for the listing.

 

Dar Al-Arkan Properties, 100 percent owned by the Saudi-listed firm, focuses on development and management of income-generating assets.

 

The company also owns SAR 2.7 billion worth of assets across the Kingdom, the statement added.

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