Alhokair’s Arabian Centres gets CMA nod for IPO

The Saudi Capital Market Authority (CMA) has approved a request from Arabian Centres Co. to float 95 million shares, or 20% percent of its capital in an initial public offering (IPO).

The prospectus will include all relevant information including the share price, company's financial statements, activities and management. The document will be published within sufficient time prior to the start of the subscription period.

According to the CMA, the approval shall be valid for six months from its board resolution date and shall be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

Arabian Centres was established in 2002 as a closed joint stock company. It is a subsidiary of Fawaz Alhokair Group and specializes in mall management, tenant relations and leasing.

Arabian Centres has a portfolio of 19 assets strategically located in ten major Saudi cities. The company operates Mall of Arabia, Mall of Dhahran, and Nakheel Mall.

Fawaz Alhokair Group manages several units, including Saudi-listed Fawaz Abdulaziz Alhokair Co.