By: Amr Adel
Dubai – Mubasher: Bateel International plans to launch an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), the company’s General Manager of Retail Operations, Tina Memic, said.
On the sidelines of an event in Dubai on Sunday, Memic added that the amount to be raised from the IPO is set to be used for more global expansion.
Bateel currently owns 50 branches in the Middle East, a number which is expected to increase to 75 branches in 2018 and to 100 branches by 2020.
Memic noted that the company plans to open 14 new stores and cafes across the GCC during 2016, adding that it will open a new branch in Kuwait and two other in Qatar next December.
Memic also revealed that Bateel plans to open a branch in Egypt, and its currently looking for a partner to enter one of the largest markets in the region.
Translated by: Elwy el-Manzalawy
