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Saudi Global Ports (SGP) reportedly tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO, which could come “as early as next year,” Bloomberg reports, citing sources in the know. The offering is expected to raise up to USD 1 bn. The port operator is a joint venture between the Public Investment Fund (PIF) and Singapore’s PSA International. No details on the timing or size of the offering have been disclosed.
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Not the first we’re hearing of it: Media reports earlier this year suggested the PIF was lining up several companies in its portfolio — including Stc, Ma’aden, Nupco, and others — as part of a strategy to unlock fresh sources of capital to finance the government’s economic diversification projects.
About SGP: The PIF-backed outfit operates deep sea container terminals at Dammam’s King Abdulaziz Port in addition to the Riyadh Dry Port Ecosystem, which includes Riyadh Dry Port, Riyadh Empty Yard, and Dammam Empty Container Yard, according to its website. SGP’s different facilities are connected via rail and roadway networks.
