HSBC said to be working on possible IPO of Saudi Arabian Logistics

RIYADH: Saudi Arabian Logistics Co. is working with HSBC Holdings Plc on a potential initial public offering that could happen this year, Bloomberg News reported, citing people familiar with the matter.

SAL has not decided whether to go ahead with a share sale, which would only be available to local and qualified investors, the unnamed people said. SAL, 70% owned by the Kingdom’s national airline Saudia, hired HSBC’s local unit toward the end of last year to explore strategic options for raising funds, they said.

HSBC and SAL declined to comment to Bloomberg.