Home Industry Finance Saudi’s Al-Tayyar Group Plans 30% IPO The travel firm had to cancel a similar sale two years ago due to a lack of demand. by Reuters April 16, 2012 Saudi Arabia’s Al-Tayyar Travel Group has received approval to sell a 30 per cent stake to the public, the bourse regulator said on Sunday, two years after the firm scrapped a similar sale due to a lack of demand. The Capital Market Authority approved the initial public offering of 24 million shares, it said in a statement on the bourse website. The 30 per cent IPO, a portion of which will be allocated to institutional investors, will be open May 14-20 once a book-building process is completed, the statement said. The group’s president, Nasser Al-Tayyar, declined to comment when contacted by Reuters. In 2009, the company said it planned to raise SAR1.2 billion ($320 million) from an IPO. This was slated to launch in April 2010, but was cancelled due to a lack of demand. Al-Tayyar Group started as a family business in 1979. Tags Breaking News 0 Comments You might also like 19 injured after fire breaks out in a building in Abu Dhabi Two killed and over 100 injured in Abu Dhabi gas explosion Dubai’s DIFC Authority To Split Into Two Entities Syrian Defence Minister Killed