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Red Sea Housing IPO criticised
- Saudi Arabia: Saturday, August 12 - 2006 at 10:22
Red Sea Housing's $139.2m IPO, which launches today, has come under fire in Saudi Arabia for being overpriced and experts are calling for the enforcement of corporate governance, reported Reuters. A report in the Saudi Gazette quoted analysts as saying that the housing firm's share offering was about 35% above fair value, although Swicorp, the IPO's financial adviser, denies this claim.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, August 12 - 2006 at 10:22 UAE local time (GMT+4)
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