RIYADH: Saudi stocks gained in the first trading session of the week, recovering slightly following steep declines due to fears over interest rate hikes and a potential recession. The main index, TASI, surged 1.8 percent to close at 11,513, while the parallel market, Nomu, shed 0.9 percent to 20,681. Most Gulf stock exchanges advanced in line with Saudi Arabia, with Qatar’s
Saudi s Theeb Rent-a-Car to list 30% of shares in IPO this month zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
RIYADH: Theeb Rent-a-Car, a Riyadh-based car rental company, plans to float 30 percent of its share capital in an initial public offering (IPO) later this month.
The company issued an IPO prospectus last month to the Saudi Stock Exchange (Tadawul), in which it outlined the many factors that enable it to compete with its current and potential competitors and the factors it sees for its future growth. The Saudi Capital Market Authority (CMA) last October approved Theeb’s request to offer a 30 percent stake as part of its IPO, representing 12.90 million shares on Tadawul. The company’s strategy is to continue seeking growth in the car rental services sector by opening new branches, whether at airports, inside cities, or in new mega projects in which the need for car rental is likely to increase.