Supermarket chain franchisee Spinneys plans IPO, to expand into Saudi Arabia [Reuters]
HSBC Holdings, plc. (HSBC)
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Source: Reuters
initial public offering (IPO) on the Dubai bourse and said on Tuesday it plans to expand into Saudi Arabia this year. Shareholder Al Seer Group LLC plans to sell 900 million shares in Spinneys 1961 Holding plc, equal to a 25% stake, the company said in a document, in what would be the first listing of a supermarket chain operator in the UAE. "It is the right time for us to invite investors to participate into this business," CEO Sunil Kumar told Reuters. The company plans to open its first store in Riyadh in the first half of this year and open three more by the end of the year in the capital city and Jeddah. "These are the two cities we are targeting because that's where our customer base - affluent, high disposable income customers - is living," Kumar said, noting that Saudi Arabia, the biggest economy in the Gulf, and the UAE offer a host of untapped opportunities. Public listings in the Gulf have come thick and fast this year, with public parking space operator Parkin (P
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