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Saudi Ground Services selects HSBC for IPO
- Saudi Arabia: Tuesday, September 11 - 2012 at 11:27
Saudi Ground Services, a unit of Saudi Arabian Airlines (Saudia), has hired HSBC Holdings to advise it on a planned initial public offering of 30% of its shares, Reuters has reported, citing banking sources. The unit would be the second of six - including catering, cargo, maintenance, airlines and flight academy - to pursue a stock market listing following Saudia's decision in 2006 to privatise them. However, one source said the ground services unit may not list until early 2013, with another saying it could be much later. The first of the units to be sold publicly, Saudi Airlines Catering Co, raised $347m after completing a 30% IPO in July. Its shares have risen 14.5% since then.
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