Al-Ahsa Development Company said it received SAR 24.6 million as proceeds from the initial public offering of Saudi Ground Services (SGS), in which Al-Ahsa owns an indirect stake.

 

Financial impact of the cash proceeds will be reflected in second quarter results, and will be used to bolster the company’s investments, Al-Ahsa said in a statement to Tadawul on Monday.

 

SGS sold 30 percent of its shares in an IPO earlier this month.

 

Al-Ahsa owned a five percent share of the National Aviation Ground Support (NAGS), which in turn owned 21 percent of Saudi Ground Services before the public offering, according to data available on Argaam. 

 

After the IPO, National Aviation’s stake in SGS will be reduced to 14.7 percent.

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