CMA approves stake sales for 4 companies on Nomu

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The Capital Market Authority (CMA) approved today, June 20, the applications received from four companies for the registration and offering of their shares on Nomu-Parallel Market.

- Tejoury Co. will offer 1.818 million shares, or 25.97% of its capital.

- Lana Medical Co. will offer 720,000 shares, or 20% of its capital.

- United Mining Industries (UMI) will offer 1.75 million shares, or 12.5% of its capital.

- Dar Almarkabah for Renting Cars Co. will offer 500,000 shares, or 20% of its capital.

The offerings will be confined to qualified investors as stipulated in the glossary of defined terms used in the regulations and rules of the Capital Market Authority. The prospectus will be published within sufficient time prior to the start of the offering, according to the statement.

The market regulator stated that its approval of the application should never be considered as a recommendation to invest in the company's offering of shares. The approval merely means that the legal requirements as per the Capital Market Law and its implementing regulations have been met.

The CMA noted that its approval will be valid for six months from the date of its board's decision, adding that the consent will be deemed cancelled if the offering and listing of the company's shares are not completed within such a period.

UMI is a joint-venture of Al-Muhaidib , Rashed A. Al-Rashed (RAR) and Al-Moajil. The three leading companies operate in construction and building materials industry in GCC. The project aims to enhance the quality of gypsum products in local and regional market.

Tejoury was established in 2007. It operates in records storage and scanning.

Further, Dar Almarkabah for Renting Cars Co. has been operating in the Saudi market for almost 15 years. It operates in car rentals, especially luxury cars.

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