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Saudi Airlines Catering Co to start trading July 9

Saudi Airlines Catering Co is set to start trading on the kingdom's stock exchange on July 9, after completing a 30% initial public offering which was more than twice covered by investors, Reuters has reported. The catering unit of Saudi Arabian Airlines raised SR1.3bn ($346.7m) from the share sale, which was sold to the public between June 18 to 24. Saudi Arabian Airlines started a process of privatisation in 2006 by splitting into six units: catering, cargo, maintenance, airlines, flight academy and ground handling. It plans to privatise each unit and offer shares in them to the public.