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MENAFN - Arab News - 11/02/2014
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(MENAFN -Arab News) Saudi Airlines Cargo Company (Saudi Cargo), a Saudi subsidiary of Saudi Arabian Airlines, has entered into an agreement with Samba Capital & Investment Management Company (Samba Capital), the investment arm of Samba Financial Group, to act as the financial Adviser and lead manager for the IPO of Saudi Cargo which intends to list its shares on the Saudi Arabian Stock Exchange.The agreement was signed by Khalid bin Abdullah Al-Molhem, chairman of Saudi Airlines Cargo Company, and Eisa bin Mohammad Al-Eisa, chairman of Samba Capital. The signing ceremony was attended by a number of senior executives from both sides.Saudi Cargo is one of the major players in the cargo aviation market and offers a comprehensive suite of cargo services through both its fleet of dedicated freighters and the belly capacity on Saudi Arabian Airlines fleet. It has a rapidly expanding domestic and global network across 26 domestic destinations and 225 international destinations spanning Asa, Africa, Europe and the United States.Al-Molhem said after signing the agreement: "Saudi Cargo’s intention to list its shares on the Saudi Stock Exchange is consistent with the privatization strategy adopted by the government of Saudi Arabia to restructure the Saudi Arabian Airlines’ subsidiaries, including Saudi Cargo. This will enable Saudi Cargo to further grow its business and strengthen its competitive position at both the regional and international level."Al-Eisa said: "We are delighted by Saudi Cargo’s trust in its selection of Samba Capital as the financial adviser and lead manager," stressing Samba Capital's pride in participating in Saudi Cargo’s journey to becoming a publicly listed company.Al-Eisa highlighted Samba Capital’s extensive experience and knowledge of the Saudi equity capital markets as a result of its strong track record of advising and managing IPOs for Saudi companies over the years, which would be utilized to achieve a successful IPO for Saudi Cargo.


 


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