Business | Tourism
Saudi travel group Al Tayyar Travel plans IPO in October
Al Tayyar Travel Group plans to raise up to 1.48 billion riyals ($395 million) in an initial public offering in October, making it the Middle East's first listed travel company, its chairman said on Monday.
- Agencies
- Published: 18:44 May 19, 2008
Riyadh: Al Tayyar Travel Group plans to raise up to 1.48 billion riyals ($395 million) in an initial public offering in October, making it the Middle East's first
listed travel company, its chairman said on Monday.
Nasser Al Tayyar said the company, which is Saudi Arabia's
main industry player, wants to use the cash to help fund a
three-year investment plan worth 2 billion riyals that will
include sector-related acquisitions mainly in the Middle East.
"We want to become a fully-fledged tour operator like major
global players such as TUI and Thomas Cook," he said in an interview.
"We want to buy car rental companies in Egypt and Sudan, we are investing in airline firms in Yemen and Egypt, we want to buy property, either for equiped apartments or hotels in the
region."
The company plans to sell at least 20 million shares,
representing 30 per cent of its capital, at between 64 and 74
riyals per share, he said, noting that a capital increase would
take place prior to the listing.
"All of this is subject to regulatory approval," he said.
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