HSBC Is Said to Work on Possible IPO of Saudi Arabian Cargo Firm
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1 April 2021, 1:56 pm·1-min read
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(Bloomberg) Saudi Arabian Logistics Co., spun off after more than seven decades as the cargo arm of the kingdom’s flagship airline, is working with HSBC Holdings Plc’s local unit on a potential share sale that could come as soon as this year, according to people familiar with the matter.
No final decision has been made on the timing or size of an initial public offering but the listing would only be open to local and qualified investors, the people said, declining to be named as the discussions are private.
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Disastrous impact of COVID-19 on Bangladeshi migrant workers
Bangladeshi migrant workers in the Middle East and other regions have been hard hit by COVID-19 deaths and job losses as well as government and employer harassment in the countries where they are working. Those who have managed to return to Bangladesh are confronted with starvation, indebtedness and other miseries.
More than 10 million Bangladeshis, or about one in every 20 people from the country, are migrant workers. Bangladesh is sixth highest in the list of countries that send their workers overseas. More than three million are employed in the Middle East, including nearly two million in Saudi Arabia.