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Cargo handler and logistics solutions provider SAL Saudi Logistics Services Company has announced its intention to proceed with an IPO of 30% of its share capital and list its shares on the Saudi Tadawul Exchange.
The offer price for the IPO will be determined at the end of the book-building period, the Saudi Arabia-based company, which services clients across EMEA, Asia, the US, South America, and South Africa, said in a statement on Tuesday.
The selling shareholders include Saudi Arabian Airlines Corporation with a shareholding of 70%, and Tarabot Air Cargo Services Limited with a shareholding of 30%. Following the completion of the IPO, they shall collectively own 70% of the share capital.
SAL Saudi has appointed HSBC Saudi Arabia as sole financial advisor, bookrunner, global coordinator, lead manager and underwriter.
(Reporting by Brinda Darasha; editing by Seban Scaria)
