Fawaz Alhokair Group plans to sell mall unit shares

RetailME Bureau

Saudi Arabia-based retail conglomerate Fawaz Alhokair Group, reportedly, plans to sell 20% of shares in its shopping mall unit in an initial public offering (IPO).

The shopping mall arm of Fawaz Alhokair Group, Arabian Centres Co plans to sell 65 million existing shares and 30 million new shares. These shares would be listed on the Tadawal stock exchange

The company plans to use the proceeds from selling the shares to reduce debt.