London/Riyadh, 25 July 2007 – LAWFUEL – The Legal Newswire – Baker & McKenzie has advised Kingdom Holding Company, as transaction counsel, on its IPO on the Saudi Stock Exchange, which is expected to raise US$860 million.
Kingdom Holding Company is one of the world’s largest and most diversified private investment companies, with holdings in a large number of Saudi Arabian, Middle Eastern and international companies. It is also one of the world’s leading hotel investors, with a portfolio that includes the Savoy in London, and Four Season and Fairmont hotels around the world. Its assets are valued at US$25 billion (as of 31 December 2006).
Edward Bibko, Corporate Partner at Baker & McKenzie, said: ”This transaction was significant not only because of its size and the profile of the issuer, but also because it was one of the first transactions to use an institutional offer and bookbuilding structure.”
”The Saudi regulators were, in many respects, developing new market practice alongside the IPO. Having previously advised the regulators in drafting the relevant securities laws, and considering our extensive IPO experience, we were uniquely qualified to act as transaction counsel,” he added.
The Baker & McKenzie team in London was led by Tom Philipp and Edward Bibko, and included Partner Mark Henrick, and associates Richard Kelly and David Chmiel. Baker & McKenzie Partner Karim Nassar lead a team in the Riyadh office.