Saudi Arabian Airlines picks adviser for cargo unit's share sale

Reuters Middle East

(Corrects name of financial advisor to Samba Financial Group)

DUBAI, Feb 10 (Reuters) - Saudi Arabian Airlines (Saudia) has chosen Samba Financial Group to advise it on the initial public share offer (IPO) for its cargo unit, it said on Monday.

A senior official from Saudia told Reuters last week the IPO of the cargo unit would go ahead this year, with a stake in the maintenance subsidiary sold to the public before June 2015.

The cargo unit would be the second of six units - the others are catering, ground services, maintenance, airlines and flight academy - to pursue a stock market listing following Saudia's decision in 2006 to privatise them.

The first of the units to be sold publicly, Saudi Airlines Catering Co, raised $347 million with an IPO for 30 percent of its shares in 2012. (Reporting by David French; Editing by Anthony Barker)

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