IPO to be issued for Saudi Jarir Marketing
Saudi-based Jarir Marketing Company is preparing to sell part of its shares through an initial public offering (IPO) in early 2003. Details of the IPO are still being worked out, reported Jarir’s financial advisor, Gulf International Bank (GIB).
Jarir Marketing is a closed-end joint stock company, with a 600 million Saudi riyal ($160 million) annual turnover. In 2000, GIB completed a placement of a significant minority stake in, and conversion to joint stock company status of the Company.
Jarir represented the first private equity investment by GIB in the Gulf Cooperation Council (GCC) region. The company is a wholesale and retail dealer of stationary and school supplies in the Kingdom. — (menareport.com)
© 2002 Mena Report (www.menareport.com)