Saudia's Ground Handling Division To Go Public 'Soon'

Oct. 23, 2014
A thirty percent stake in the Saudi Ground Service Co. hopes to raise $533 million.

Saudi Arabian Airlines Chief Financial Officer, Muhammad Albakri, says the IPO of the carrier's ground-handling unit, Saudi Ground Services Company, will occur in the next few weeks with hopes the sale of a 30 percent stake in the firm will raise $533 million.

Speaking to Bloomberg news, Albakri said IPOs for Saudia Cargo and MRO division Saudia Aerospace Engineering Industries (SAEI) would follow in 2015 and 2017 respectively. The carrier is looking to offload 30 percent stakes of both for “at least” double the value of the Saudi Ground Services Company. In all, the airline hopes to raise $2.7 billion from the sales.

More details here.