Saudi Capital Market Authority OKs IPO of 30% of PIF-owned Elm Co.

Saudi Capital Market Authority OKs IPO of 30% of PIF-owned Elm Co.

RIYADH: Saudi Arabia's Capital Market Authority approved the initial public offering of Elm Co., the leading developer of e-government services in the Kingdom. The authority approved selling of 24 million shares of Elm Co., which is representing 30 percent of its shares, to the public, it said in a statement. The company's prospectus will be published within sufficient time prior to the start of the subscription period, the statement said. Elm Co. is fully owned by the Public Investment Fund of Saudi Arabia.