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Saudi Airline catering unit delays IPO

Khalid Almolhem, director general of Saudi Arabian Airlines has said an initial public offering of its catering unit estimated to be worth up to $540m is expected to be delayed for the second time, Reuters has reported. The IPO was initially planned for the third quarter of 2010 and was later delayed to the second quarter of 2011. "We have submitted our file to the Capital Market Authority and haven't been given a date yet but most likely it will be delayed," director general Khalid Almolhem told the news service.