Naif Al Rajhi Investment is planning to float a stake in its subsidiary, Memar Development and Investment Company, in an initial public offering (IPO) on Nomu Parallel Market in Q3 2017, said Sultan Al-Musallam, head of planning and development at Naif.

 

The size of the IPO was not disclosed.

 

Talks are ongoing with Alistithmar Capital to advise on the offering, Al-Musallam added.

 

Riyadh-based Naif Al Rajhi invests in real estate, equity markets, as well as mergers and acquisitions. It owns more than 30 affiliates that operate in 11 different sectors.

 

Memar was established in 2007 and operates in real estate development. The company operates assets of over SAR 600 million and invests nearly SAR 500 million in new projects.

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