Construction Products Holding Company (CPC), Saudi Arabia's largest manufacturer of building materials and a unit of Binladin Group, has mandated two banks to manage its initial public offering, sources said on Wednesday.

GIB Capital and Samba Capital, the investment banking arms of Gulf International Bank and Samba Financial Group respectively, have been appointed by the company, two sources with knowledge of the proceedings said.

No firm timetable for the offering has been put in place, although the expectation is for a listing in 2012 or 2013, one of the sources said.

CPC officials did not immediately respond for comment.

About 30 per cent of the company has been earmarked for public sale, bankers said in September after pitching meetings had taken place.

CPC provides up to 80 per cent of the building materials required for construction projects in Saudi Arabia and has more than 30 manufacturing facilities across the kingdom.

Standard Chartered said in August that its private equity arm had brought a minority stake in CPC for $75 million, its first investment in Saudi Arabia.

Binladin Group is one of the largest construction firms in Saudi Arabia.-Reuters