Bateel said to to sell shares in IPO by 2020

08/11/2016 Argaam

Bateel Retail, a gourmet food and cafe chain, plans to sell shares in an initial public offering in the Saudi Arabian market by 2020 to finance global expansion, Alkhaleej newspaper reported, citing Tina Memic, a retail company manager.

 

The company plans to increase its branches to 75 from 50 in 2018. By 2020, it will have 100 branches, she said, adding that as many as 16 cafes and stores will be opened in the Gulf region this year.

 

Bateel was founded 25 years ago in Saudi Arabia. It has stores and cafe in several countries including Saudi Arabia, the UK, Indonesia, Kuwait and the UAE.

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