The Saudi Capital Market Authority approved the request of Hamad Mohammed Al-Drees & Partners for Industry and Mining to register its shares and offer 1.22 million shares, representing 20% of its shares, in the parallel market “Nomu”.
The CMA added, in a statement today, Wednesday, that the offering will be limited to the categories of qualified investors stipulated in the list of terms used in the regulations and rules of the Capital Market Authority, and the prospectus will be published well in advance of the start of the offering.
It clarified that qualified investors wishing to purchase the offered shares must investigate and study the information disclosed in the prospectus. In the event that it is not possible to understand the contents of the prospectus, it is preferable to consult an authorized financial advisor before making any investment decision.
She indicated that the Authority’s approval of the application should not be seen as an endorsement of the feasibility of investing in the offering or in the shares of the concerned company, as the Authority’s decision to approve the application means that the statutory requirements have been complied with, according to the Capital Market Law and its implementing regulations.
She revealed that the Authority’s approval of the application is valid for a period of 6 months from the date of the Authority’s Board decision, and the approval is considered canceled if the offering and listing of the company’s shares are not completed during this period.