RIYADH: Alessa Industries Co. intends to float 30 percent of its capital in an initial public offering. The company, owned 38 percent by Sinad Holding Co., will be ready in two years for the issue, Executive Vice President for Operations, Abdulmohsen Alessa, told Asharq Business. Alessa also aims to generate local sales of over SR1 billion ($266 million) by the end of the year. The executive added that the firm plans to open a regional office in Egypt by 2023, with investments exceeding $10 million there. Established in 1935, Alessa is a Saudi closed joint-stock company that produces, manufactures, imports, and distributes air conditioners, home electrical appliances, and electronics.