Saudi grocery company breaks with family firm secrecy to open up in IPO After details emerged of undisclosed loans Ahmad BinDawood revealed everything 12 April 2021 - 08:00 Matthew Martin and Devon Pendleton Picture: 123RF/SERGEY BUZUEVSKIY For Ahmad BinDawood, last year’s share offering in the eponymous Saudi grocery business was a chance to shape his legacy at the family firm he’s worked at since the age of eight, while cementing a $3.1bn fortune built over the decades by his father and uncles.
As the October public offering of BinDawood Holding got under way, details emerged of about $76m in previously undisclosed loans made by the Saudi company to family members. In a departure from the traditional secrecy associated with the kingdom’s family firms, Jeddah-based BinDawood revealed everything, put the IPO on hold and gave buyers the chance to take their money back.
Billionaire Saudi Family Breaks Mold on Kingdom s Secrecy
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BinDawood is shaking up business as usual in Saudi Arabia | Business and Economy News – TodayHeadline
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