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RIYADH, April 16 (Reuters) – The operator Arabian Centers Company, part of the Fawaz Alhokair group, said on Tuesday that it would proceed with an initial 20-percent public offering of the company on the Saudi stock market.
"The net proceeds due to the company will be used to reduce the debt and (if there is a surplus) for general purposes," the company said in a statement sent to Reuters.
Reuters announced in February that Arabian Centers, which develops, owns and operates 19 shopping centers in 10 cities in the kingdom, is seeking a billion dollars for a public registration in the second quarter.
Stephen Kalin report; Edited by Saeed Azhar
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