Alhokair to float mall unit IPO in Q2 2019: report

Fawaz Alhokair Group is set to float 30 percent of its mall unit, Arabian Centres Co., in an initial public offering (IPO), Bloomberg reported, citing unnamed sources.

“Alhokair applied for a listing on the Saudi Stock Exchange (Tadawul). Meanwhile IPO is expected in Q2 2019,” the sources said.

Alhokair is currently working with Morgan Stanley, Moelis, Samba Financial Group, and NCB Capital to manage the listing.

In February 2015, Alhokair was close to hiring banks including Morgan Stanley and Bank of America to manage the listing of a 30 percent stake in its subsidiary Arabian Centres.

However, the IPO was suspended after the accounts of its co-founder Fawaz Alhokair, were frozen in Saudi Arabia’s recent crackdown against corruption.