Makkah Mall operated by Arabian Centres.Owner Fawaz Alhokair reported a 10 per cent drop in its second quarter net income. Reuters
Makkah Mall operated by Arabian Centres.Owner Fawaz Alhokair reported a 10 per cent drop in its second quarter net income. Reuters
Makkah Mall operated by Arabian Centres.Owner Fawaz Alhokair reported a 10 per cent drop in its second quarter net income. Reuters
Makkah Mall operated by Arabian Centres.Owner Fawaz Alhokair reported a 10 per cent drop in its second quarter net income. Reuters

Saudi Arabian retailer Fawaz Alhokair seeks 3.1bn riyals in IPO


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Saudi retailer Fawaz Alhokair Group is seeking to raise as much as 3.1 billion Saudi riyals (Dh3.07bn) from selling shares in its malls unit, the company said on Sunday. It is the country’s largest initial public offering since lender National Commercial Bank raised $6bn in 2014.

The group secured regulatory approval to list on the Tadawul stock exchange earlier this month.

Arabian Centres, which owns the franchise for brands such as Banana Republic and Zara, set the price range of the IPO at 26 riyals to 33 riyals, valuing the company at as much as 15.7bn riyals.

Saudi share sales slowed as the kingdom’s economy grappled with lower oil prices. Listings by companies and real estate investment trusts raised almost $900 million last year, down from $6.7bn in 2014, according to data compiled by Bloomberg.

Riyadh has been encouraging more family owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing reliance on oil revenue, according to Reuters.

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Samba Capital, Morgan Stanley, NCB Capital, Goldman Sachs, Citigroup, Credit Suisse, EFG Hermes, Emirates NBD Capital KSA and Natixis are managing the offering.

The offering includes a total of 95 million shares, comprising 65 million existing shares to be sold by the current shareholders and 30 million new shares to be issued by the company by way of a capital increase

The announcement of final offer shares allotment and refund of excess subscription is due on May 14.

Arabian Centres owns 19 malls, making it the leading owner and operator of shopping malls in Saudi Arabia by total gross leasable area as of December 31, 2018, the prospectus said.

Gross proceeds from the sale of new shares would be used for debt repayment, the document said.

Store-based retailing still dominates the Saudi market, contributing 97 per cent of total retailing in 2018, according to a market study cited in the prospectus.

Arabian Centres plans to expand its operations to 27 malls within four years, including four in the next 12 months, its chief executive Olivier Nougarou said this month.

Four cinemas are already under construction, with 12 more to come over the next two years, he added.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

From Conquest to Deportation

Jeronim Perovic, Hurst

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

SQUADS

South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi

Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed

Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom