Bloomberg News

Saudi Sudanese Bank Plans Initial Public Offering, Listing

September 13, 2011

(Updates with comment by stock-exchange official in third, fourth paragraphs.)

Sept. 13 (Bloomberg) -- Saudi Sudanese Bank, a Khartoum- based lender, said it planned to raise 100 million Sudanese pounds ($37.3 million) in an initial public offering.

The sale of 800 million shares will open on Oct. 4 and close on Nov. 3, the Khartoum-based lender said in a statement published in the al-Intibaha newspaper today. The stock will trade on the Khartoum Stock Exchange, it said, without providing further details.

Saudi Sudanese would rank as the 18th biggest of 21 banks currently listed on the exchange in terms of market capitalization, Magdy Mohamed al-Hassan, research director at the bourse, said in a phone interview today.

The Khartoum bourse has 56 listed companies with a total market value of 7.1 billion Sudanese pounds, he said. The last public offering of shares in Sudan was by al-Jazeera Sudanese Jordanian Bank in June to fund its expansion, al-Hassan said.

The Khartoum Stock Exchange holds trading sessions from 10 a.m. to 11 a.m. Sunday through Thursday.

Saudi Sudanese’s public relations department didn’t answer the phone when Bloomberg called seeking comment.

--Editors: Paul Richardson, Ana Monteiro.

To contact the reporter on this story: Salma El Wardany in Khartoum via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.


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