Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Thursday announced that it has approved offering 780,000 shares of Saud H. Al-Qahtani Auction Company shares in the Saudi parallel market, Nomu.
The offered shares represent 39% of the company's share capital, according to CMA’s recent statement.
The offer will be subjected to qualified investors stipulated in the glossary of defined terms used in the regulations and rules of the CMA.
“The CMA’s approval on the application should never be considered as a recommendation to invest in the offering or shares of the company,” the statement highlighted.
The approval means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met, the CMA noted.
It is worth noting that the CMA’s approval is valid for 6 months from the authority’s board resolution date, and will be cancelled in case the offering and listing of the company's shares are not completed within this period.
