The main shareholders in SAL Saudi Logistics Services Company are selling a 30 per cent stake in the company as part of an initial public offering that may raise as much as 2.54 billion riyals ($678 million).

The selling shareholders Saudi Arabian Airlines Corporation, also referred to as Saudia, which owns 70 per cent of SAL, and Tarabot Air Cargo Services that has a 30 per cent stake, are selling 24 million shares at a range of 98 riyals to 106 riyals each in the cargo entity, according to a statement on Monday.