Al Othaim Investment filed for IPO in late 2024: CEO

Bandar Al-Buhayri, CEO of Abdullah Al Othaim Investment Co. (AOIC) 

Abdullah Al Othaim Investment Co. (AOIC) is updating its initial public offering (IPO) file, which was submitted by the financial advisor, BSF Capital, at the end of 2024, CEO Bandar Al-Buhayri told Asharq TV.

He expects the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul) to approve the IPO this year, with the share sale to be launched within six months from the approval date.

The majority of the IPO proceeds will be used to finance the company's projects, the CEO said, adding that the SAR 3.1 billion-credit facilities recently secured from the Saudi National Bank (SNB) aim to fund the company's expansion projects.

Al-Buhayri noted that the company has a strategic plan to expand its various activities, with 17 multi-use projects currently underway. These projects include the construction of residential units, malls, and hotels, while the remaining will cover the other activities of the company.

He further clarified that AOIC is proceeding with the exploration and attraction of strong, distinctive, and successful brands.

In 2022, the company decided to cancel the public offering to select a more suitable future opportunity to offer and list its shares, according to Argaam data.

AOIC is a closed joint-stock company established in 2005 in Riyadh. It is owned by Al Othaim Holding and Abdullah Al Othaim Markets Co. The company operates several commercial centers under "Al Othaim Mall" brand. It operates actively in hospitality, real estate investment, entertainment and cinema, fashion, and restaurants, along with other activities. Its subsidiaries include Al Othaim Entertainment, Al Othaim Life, Al Othaim Foods, and Al Othaim Real Estate Investment.

In 2022, TASI-listed Al Othaim Markets sold its 13.65 million-share stake in AOIC for SAR 62 per share, totaling SAR 846.54 million.