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RIYADH: Muvi Cinemas is planning an initial public offering as soon as this month in a move that would make it the Kingdom’s first movie chain to list on the Nomu market.
Expected to be valued at $800 million in the direct listing, the Saudi firm has hired the investment banking arm of Banque Saudi Fransi as an adviser, Bloomberg reported, citing unnamed sources.
This comes as part of plans to remove the ban on public cinemas in late 2017, and to develop the economy.
Founded in 2019, Muvi Cinemas is the Kingdom'’s first cinema brand, and operates in around 10 cities.