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Saudi Global Ports (SGP), a joint venture between the sovereign Public Investment Fund and Singapore’s PSA International, has tapped banks ahead of a potential IPO, according to Bloomberg.
Goldman Sachs and HSBC are the chosen banks for the IPO, which could take place as early as next year and might raise up to $1 billion, the report said, citing unnamed sources.
The latest development follows on from a February report that first stated the Saudi sovereign investor was considering its ports unit for an IPO in 2024 or early next year.
Established in 2012, SGP operates container terminals in King Abdulaziz Port in Dammam and oversees Riyadh Dry Port.
PSA is owned by the Singapore government-backed Temasek Holdings.
(Writing by Bindu Rai, editing by Brinda Darasha)
