CMA nods to CGS public offering

The Capital Market Authority (CMA) approved, on June 25, the application received from Consolidated Grunenfelder Saady Holding Co. (CGS) to float 30 million shares (30% of capital) in a public offering.

According to the CMA website, its no-objection should never be considered as a recommendation to subscribe in the offering of any company.

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The approval of the application merely means that the legal requirements as per the Capital Market Law and its executive regulations have been met.

The go-ahead is valid for six months from the CMA resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.