Riyadh – Mubasher: Saudi Arabia's Middle East Healthcare Co. (MECO) filed with the Capital Market Authority (CMA) requesting a postponement in launching its initial public offering (IPO), which was scheduled for 3-9 February, till a further date to be set in the coming six weeks.
The CMA board approved the delay request, provided that the IPO should be completed before 31 March 2016.
The delay was due to the current market conditions, the company said.
In case the share offering is not completed before the above-stated date, CMA’s approval on the company’s prospectus and share offering would be considered null and void.
The healthcare services provider earlier obtained CMA’s approval to float 27.61 million shares, representing 30% of issued capital.
The company allocated 70% of the total offered shares to institutions.
