In Brief (February 2013)

1. In one of the first initial public offerings (IPOs) of 2013, Clyde & Co LLP in association with Abdulaziz Al-Bosaily Law Office has advised Northern Region Cement Company (NRC) on its IPO of 90 million shares at SAR 10 a share. The IPO represents 50% of the company’s share capital. 

2. Clifford Chance and Al-Jadaan & Partners Law Firm advised Mondelez International on a joint venture with Olayan Group and Khalifa Algosaibi Group to launch a distribution joint venture in the Kingdom of Saudi Arabia. Mondelez International is the largest snack company in the world and this joint venture marks their continued expansion into Saudi Arabia, where its products have been distributed for almost a century. 

3. DLA Piper, has advised Al Jazeera on its acquisition of Current TV, the cable television network founded by former US Vice President Al Gore. The Qatar-owned broadcaster plans to replace Current with a new Al Jazeera news channel based in New York, a move which doubles its US-based staff. The acquisition is a key step in the expansion of Al Jazeera in the US.