RIYADH: Saudi-listed Al-Baha Investment and Development Co.’s board of directors have recommended its subsidiary Elegant Centers Co. to go public on the Kingdom’s parallel market.
Elegant Centers, in which Al-Baha Investment holds almost 87 percent share, owns and operates central markets and commercial complexes in Saudi Arabia.
The recommendation to float the company on Nomu came during a board meeting held on May 22, according to a bourse filing.
The move will benefit shareholders and reflect positively on the company’s financial position, Al-Baha Investment noted.
