Saudi Arabia prods blue chips to list more shares

Saudi Arabia prods blue chips to list more shares

Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre.  Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […]

Framework out for consultation

Plan to increase ‘free float’

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Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. 

Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was being put in place for follow-on market offerings. 

The framework is out for public consultation, he said, and would allow “large shareholders to float additional shares within a process that is governed and regulated, which is a catalyst for increasing free float”. 

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Binghannam pointed to the example of the Public Investment Fund selling its shares in Saudi