RIYADH: Saudi mineral water brand Naqi Water Co. has received the necessary regulatory approval to go ahead with its initial public offering on the Kingdom’s stock exchange.
The resolution for releasing six million shares through IPO was issued by the Saudi stock market regulator Capital Market Authority in a statement on Wednesday.
Naqi Water is looking to float a 30-percent stake of its SR200 million ($53.3 million) capital.
CMA also approved the direct listing of Academy of Learning Co. and telecom operator Keir International Co. on the parallel Nomu market, where trading will be confined to qualified investors.
