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KEC Plans to Launch IPO
May 23, 2010 – The Kingdom’s Knowledge Economic City (KEC) in Makkah has announced that it will launch an initial public offering (IPO) to raise as much as $272 million (SR1 billion). The IPO will offer 30 percent of the company through the issuance of 102 million shares and will help raise the firm’s capital to $906 million (SR3.4 billion). KEC, one of the Kingdom’s six economic cities, is scheduled for completion in 2020. KEC expects to sign contracts worth approximately $186.6 million (SR700 million) by the end of 2010, with the most recent contract having been signed in May with U.S. company Deep Cloud to develop a data center for $106.7 million (SR400 million).
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