Saudi Arabia's market regulator has granted permission for Abdul Mohsen al-Hokair Group for Tourism and Development Co to launch an initial public offering to sell 30 percent of its shares, a bourse statement said on Wednesday.

The IPO will be divided into two sections and conducted as a book-build offering, meaning the price of the shares will be dictated by demand from investors instead of fixed at the start of the process.

The first section will be for mutual funds and "authorised persons," after which the price of shares will be set. A second period for retail investors to subscribe to shares will run from May 28 to June 3, the statement added.

Abdul Mohsen al-Hokair's hotel operations include Hilton and Holiday Inn hotels in the Middle East.

The company is not related to Saudi Arabian retailer Fawaz Abdulaziz Alhokair.

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