Riyadh – Mubasher: Saudi Capital Market Authority (CMA) approved the offering of the shares of two new companies on Monday in the Parallel Market.
The authority said that it agreed on the offering of 6.75 million shares representing 30% of Raydan Cuisines & Restaurants Company’s capital, according to a bourse filing.
Moreover, in a separate listing, CMA announced the approval on the offering of 2 million shares representing 20% of Arab Sea Information Systems Company’s capital.
The offer will be confined to Qualified Investors stipulated in the Parallel Market Listing Rules. The prospectus will be published within sufficient time prior to the start of the offering, the statements said.
The CMA’s approvals will be valid for six months from the CMA board resolution date and will be deemed cancelled if the offering and listing of the companies' shares were not completed within this period.
“The CMA’s approval on the offer should never be considered as a recommendation to invest in the offering or shares of the company. The CMA’s approval on the offer merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met,” according to the announcement.
