(Clarifies share sale to start Oct, not Sept)
DUBAI, Sept 21 (Reuters) – Saudi Arabia’s National Commercial Bank will begin its much-anticipated initial share sale next month, a statement to the kingdom’s stock market said on Sunday.
The initial public offering (IPO), expected to be one of the largest ever in the Gulf region, will see 300 million shares – equivalent to 15 percent of the lender – offered to Saudi investors between Oct. 19 and Nov. 2, the statement said.
A further 10 percent of the bank, Saudi Arabia’s largest by assets, will be placed with state fund the Public Pension Agency at the same time.
The price at which shares will be sold will be disclosed in the company’s prospectus, which will be published “within sufficient time prior to the start of the subscription period,” it added. (Reporting by David French; Editing by Mark Potter)
- Investment & Company Information
- National Commercial Bank
- Saudi Arabia
- initial public offering