CMA approves Alromansiah's 30% IPO on TASI

05:48 PM (Mecca time) Argaam
Logo ofAlromansiah Co.

Logo of Alromansiah Co.

The Capital Market Authority’s (CMA) board of directors approved, Sept. 29, the request of Alromansiah Co. to register and offer 18 million shares for public subscription on the Main Market (TASI).
 
The offered shares represent 30% of the company’s total 60 million shares.
 
 
The CMA stated that the prospectus will be published well ahead of the subscription period. 
 
The approval remains valid for six months from the board’s decision date and will be revoked if the company fails to complete the offering and listing within this period
 
Established in 1997, Alromansiah has a chain of 50 restaurants, spread across the Kingdom, in addition to its branches in Bahrain. The company has about 5,000 employees and workers, and a fleet of 600 vehicles.

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