Saudi Arabia's Ajlan & Bros said to list affiliates on Tadawul

Saudi-based Ajlan Bin Abdulaziz Al Ajlan & Brothers (Ajlan & Bros.) is planning float shares of two affiliated companies on the Saudi Stock Exchange (Tadawul) within the next two years, Asharq Al-Awsat daily reported, citing the company’s chairman Ajlan Al-Ajlan.

No details were given on which units would be listed, or the size of the initial public offering (IPO).

The group is currently focusing on enhancing its performance to add value to the Saudi market and national investors, Al-Ajlan added.

The share sale comes in line with the Saudi market regulator’s plan to encourage family-owned firms to list on Tadawul.

Ajlan & Bros., a leading manufacturer of menswear in the GCC region, was established in 1979 in Riyadh.  The company has more than 9,000 employees across ten countries.

In addition, Ajlan owns real estate investments in Saudi Arabia, Europe, Asia, the United States and China, as well as securities investments across 25 stock markets.

Ajlan & Bros owns four affiliated companies, namely Shandong Lawrance Textiles Co., Ltd, Suzhou Deylon Textiles Co., Ltd., Suzhou Fourcan Packing Co., Ltd. and Xinjiang Alzeeh Textile Co., Ltd, according to the company’s website.