CMA approves 2 IPOs as Saudi listing boom continues

RIYADH: Saudi Arabia’s Capital Market Authority has given a green light to two initial public offerings amid the Kingdom’s current bourse listing boom.

The stock market regulator approved the real estate developer, Retal Urban Development Co.’s application, with 12 million shares to be offered, representing 30 percent of the firm’s capital.

Investment firm Abdullah Al-Othaim Investment Co. will also offer 30 million shares, amounting to 30 percent of its total capital, the CMA said in a statement. 

Both approvals will be six months from the CMA board resolution date and will be canceled if the companies’ offerings are not completed within this period.