The Capital Market Authority (CMA) in Saudi Arabia approved requests for initial public offerings and listings in the main stock market (Tadawul) and the parallel market (Nomu).
The CMA Board approved the request of the Arab Internet and Communications Services Company (STC Solutions) to offer 24 million shares for public subscription, representing 20 percent of the company’s share capital.
According to a statement, CMA’s approval on the application shall be valid for six months from the resolution date. The approval shall be deemed canceled if the offering and listing of the Company’s shares are not completed within this period.
STC Solutions is part of the STC Group and provides basic information and communication technology services, information technology management services, and digital services.
Later, the Authority issued its resolution approving Arabian Contracting Services Company’s application for the offering of 15 million shares representing 30 percent of the Company’s share capital.
The Company’s prospectus will be published within sufficient time prior to the start of the subscription period.
The CMA also announced its approval of the applications of Banan Real Estate and Canadian Medical Center for the registration of its shares for a direct listing in Nomu.
“Trading these shares will be confined to Qualified Investors stipulated in the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority. The registration document will be published within sufficient time prior to listing,” read the statement.
The Authority indicated that prospective qualified investors should conduct their own due diligence on the information disclosed in the registration document.
It stressed that its approval on the application should never be considered as a recommendation to invest in the shares of the company.
“The CMA’s approval on the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.”
