Saudi hardware retailer SACO to raise $134 mln from float

April 16, 2015 2:45 PM

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RIYADH, April 16 (Reuters) - Saudi Company for Tools and Hardware (SACO), a popular DIY chain in the kingdom, has set the price for its 30 percent initial share sale at 70 riyals ($18.70) each, a statement from the company's financial adviser said on Thursday.

The price, which was set following a bookbuilding phase with institutional investors, means the retail and wholesale tools superstore will raise around 504 million riyals from its flotation.

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