Saudi realtor Aqeeq Real Estate Development and the Arab Company for Tourist Regions (Arak) are planning to raise a total 1.05 billion riyals ($280 million) by selling shares to the public, a Saudi newspaper said on Monday.

Both companies are subsidiaries of Taiba Holding.

Aqeeq wants to raise 900 million riyals from its initial public offering, Al-Riyadh daily said. The company will sell a 30 percent stake, or 90 million shares at 10 riyals each.

Arak will also sell a 30 percent stake, or 15 million shares at 10 riyals each, valuing its IPO at 150 million riyals, the paper said.

Shareholders of both companies will meet during Ramadan, which falls in September and October, to approve the plans, it said, without giving details. - Reuters