Thank you for reading the news about IHS Markit adds Saudi bonds to iBoxx index, Tadawul says and now with the details
Jeddah - Yasmine El Tohamy - Saudi market regulator approves 70.3 million shares as this year's IPO tsunami continues
RIYADH: Saudi Arabia is still seeing a tsunami of initial public offerings with yesterday's latest round of approvals for companies to sell shares to the public.
The Capital Market Authority approved on Wednesday the offering of 70.3 million shares, the market regulator revealed. The approvals were led by Public Investment Fund's fully owned Elm Co. that got the OK to sell 24 million shares, representing 30 percent of its share capital, in an initial public offering.
All approvals by the market regulator are valid for six months from the date of its board's decision and will be canceled if the offerings and listings are not completed within this period, it said.
The Saudi stock market is now larger than the Kingdom's entire economy — even without taking Aramco into consideration, the Capital Market Authority (CMA) chairman Mohammed El-Kuwaiz said in November, when he revealed there are a further 54 listing applications pending — 31 of which are direct listings — as he highlighted the strength of the Tadawul. With Aramco added, Tadawul's size is four times that of the economy, El-Kuwaiz said.
The Capital Market Authority accepted Al Masane Al Kobra Mining Co.’s request for the offering of 19.8 million shares representing 30 percent of the company’s share capital.
Al Dawaa listing
The authority also approve the request of Al Dawaa Medical Services Co. for an offering of 25.5 million shares, which represents 30 percent of the company’s share capital.
The company’s prospectus will be publishing prior to the beginning of the subscription period.
Raoom Trading Company also got approval for an offering of one million shares, representing 20 percent of the company’s share capital in the parallel market, Nomu.
The authority approved AME Company for Medical Supplies’ application for the registration of its shares for direct listing in the parallel market.
The CMA approved Etihad Atheeb Telecommunication Co.’s request to cut its capital, a statement on the authority’s website said.
The company, also known as GO, is a fixed-line operator in the Kingdom and provides voice and broadband services.
This will reduce the company’s capital to SR90 million ($24 million) from SR228.5 million.
The number of shares will go down to about 9 million, from 22.8 million.
The CMA said that this move is conditional on an approval from the company’s extraordinary general assembly, and the completion of related procedures and regulations.
These were the details of the news IHS Markit adds Saudi bonds to iBoxx index, Tadawul says for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.