National Building and Marketing Co. and Gulf Steel Works have both obtained approval from the Saudi Capital Market Authority (CMA) to offer shares in the Kingdom’s Nomu parallel market, the CMA said in separate statements on Wednesday.
National Building will offer 1.2 million shares, or a 20 percent stake; while Gulf Steel will offer 6 million shares, or 30 percent.
Shares will be only offered to qualified investors.
Prequalified investors are required to conduct their own due diligence on either company and hire an authorized financial advisor, if needed, before making any investment decisions, the CMA advises.
The approval will be valid for six months from the CMA’s resolution date and will be cancelled if the offering and listing of the company's shares are not completed within this period.
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