CMA approves Sumou Real Estate’s IPO on Nomu

04/12/2019 Argaam

 

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), approved on Wednesday the listing of a 30% stake, or 7.5 million shares of Sumou Real Estate Co. on the Nomu Parallel Market.

 

The initial public offering (IPO) will be confined to qualified investors, who will conduct their own due diligence and hire an authorized financial advisor if necessary, the market regulator said in a statement on Wednesday.

 

The approval on the offering is valid for six months as of today, and will be cancelled if the offering and listing of the company's shares are not completed within this period.

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