Al Majdiah to float 90M shares on TASI

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The Capital Market Authority (CMA) gave the go-ahead for Dar Al Majed Real Estate Co. (Al Majdiah) to sell 90 million shares, or 30% of its 300 million share capital, on the Main Market (TASI).
The prospectus will be published within sufficient time prior to the start of the subscription period, according to the CMA website.
 

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The approval will be valid for six months and will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.
Al Majdiah has six residential projects in Riyadh, with one in Al-Khobar and Jeddah each. It also plans to develop four other complexes.
The company developed about 2.5 million square meters, including 1,300 buildings and 18,000 units.

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