Funeral prayers for Nasser Mohammed Yousef Al Balushi and Abdul Aziz Saeed Sabt Al Tunaiji were held at Ajman mosque
Etihad Atheeb, one of three firms licensed to operate new fixed-line networks, seeks to raise 300 million riyals ($80 million) by Feb. 2 by selling 30 million shares, representing 30 per cent of its capital, according to a sale prospectus. Several Saudi firms, including fast-food chain Herfy, soft drinks maker Aujan and steel maker Al Ittefaq Steel Products Co, have had to postpone plans to sell shares to the public.
Etihad Atheeb’s share sale is Saudi Arabia’s first IPO since August. The global financial crisis which started in 2008 added to the woes of the Saudi bourse which has not been able to recover its poise from a 2006 crash.
The largest Arab bourse lost more than half of its value in 2008 and fell more that 75 percent from a lifetime peak in 2006. “It’s a difficult environment for IPOs,” said John Sfakianakis, SABB bank’s chief economist. “People lost substantial amounts of money in local and foreign markets, bank lending is more selective so the appetite for IPOs isn’t there.”
Etihad Atheeb’s IPO will be closely monitored by both bourse regulators and companies planning to go public.
Etihad Atheeb is expected to easily cover its IPO given its small size and the pricing of the shares at the nominal price of 10 riyals, Sfakianaki said.
“On the fundamental side, telecoms is a growing sector that is counter-cyclical to recession, secondly it is a small IPO,” he said.
Etihad Atheeb’s share sale follows government rules on companies licensed to operate fixed-line networks.
Funeral prayers for Nasser Mohammed Yousef Al Balushi and Abdul Aziz Saeed Sabt Al Tunaiji were held at Ajman mosque
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