Saudi Global Ports Company was established in 2012 and operates container terminals at King Abdulaziz Port on the country’s east coast.
Saudi Global Ports Company By selecting a group of banks, including a group Goldman Sachs and HSBC Holdings Plc to support the arrangement of the planned initial public offering in the Saudi market.
Bloomberg quoted people familiar with the matter as saying that the port operator, in which the Public Investment Fund and PSA International own stakes, could be listed as early as next year. The sources added that the deal could raise up to $1 billion.
No final decisions have been made on the timing and size of the offering. Representatives for Saudi Global Ports, the Public Investment Fund, PSA Peugeot Citroën, Goldman and HSBC declined to comment.
It was reported Bloomberg News earlier reported that the Saudi Ports Operating Company was among the companies owned by the Public Investment Fund that were being considered for an initial public offering.
Establishment of Saudi Global Ports
Saudi Global Ports was established in 2012 and manages the container terminals at King Abdulaziz Port on the country’s east coast, according to its website. The port is the largest container terminal on the Arabian Gulf. The company is equipped with the latest equipment and technology, with the aim of supporting the economy of the Kingdom and the region in the Arabian Peninsula, and making Dammam the preferred destination in the region. It also manages the Riyadh Dry Port.
The roughly $1 trillion Public Investment Fund is selling stakes in portfolio companies to fund the economy’s diversification away from oil. This year, the fund has raised more than $13 billion from secondary stock sales in Saudi Aramco and Saudi Telecom.
