Dar Al-Arkan Real Estate Development Co.'s board of directors approved on Thursday the floatation of a 30 percent stake of wholly-owned subsidiary, Dar Al-Arkan Properties in initial public offering (IPO).
Samba Capital was appointed as financial adviser for the planned offering, the real estate developer said in a bourse statement today.
Dar Al-Arkan has yet to obtain necessary regulatory approvals for the listing.
Dar Al-Arkan Properties, 100 percent owned by the Saudi-listed firm, focuses on development and management of income-generating assets.
The company also owns SAR 2.7 billion worth of assets across the Kingdom, the statement added.
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