Riyadh – Mubasher: Saudi Arabia-based, Olayan Financing Co. decided to postpone the initial public offering (IPO) of a holding company that will include about 20 domestic firms of its subsidiaries, Bloomberg reported, citing sources as saying.
The plans for the IPO may amount to $5 billion, and they could be resumed in the coming period, the agency added.
The company postponed the IPO after the Saudi government started its anti-corruption crackdown.
“Olayan had been working with Saudi Fransi Capital on the planned sale that could have happened as early as next year,” a spokesperson of Olayan stated in mid-March.
