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* Immediate intention is to sell existing shares * Sees healthy IPO pipeline including interest from Gulf companies (Adds detail on advisory roles, minimum float) DUBAI, April 7 (Reuters) - Saudi Arabia’s stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of its initial public offering (IPO) this year, Group CEO Khalid al-Hussan said on Wednesday. Tadawul has received proposals from 10 local and international firms on potential advisory roles for its upcoming IPO and a decision on role or roles will be announced in two weeks, al-Hussan s...

2 Min Read DUBAI (Reuters) - Saudi Basic Industries Corp (SABIC) has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals business, two sources familiar with the matter said. SABIC, the world’s fourth-biggest petrochemicals firm, hired Saudi investment bank NCB Capital earlier this year to work on the public share sale, which sources said could raise several hundred million dollars. The specialty chemicals business brings in about $2 billion in sales each year for SABIC, which is controlled by state oil giant Saudi Aramco, one of t...

By Reuters Staff 2 Min Read (Reuters) - Most major stock markets rose in early trade on Thursday, with the Saudi index extending gains from the previous session following a behemoth private investment push by the kingdom. FILE PHOTO: A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser The kingdom’s crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.33 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesda...

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Saudi Arabia’s stock market is set for another bumper year of stock market listings with several sizeable initial public offerings (IPO) in the pipeline as investors look to allocate a pile of cash. After the then record $29.4 billion listing of oil giant Saudi