Saudi Fransi Capital announces the postponement of Kinan International Real Estate Company's Initial Public Offering

Saudi Fransi Capital announces the postponement of Kinan International Real Estate Company's Initial Public Offering

25 February 2024 08:27 AM

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Saudi Fransi Capital, as Financial Advisor and Lead Manager for the Offering of Kinan International Real Estate Development Company (“Kinan”) (the “Company”) on the Parallel Market (“Nomu”), announces a postponement of Kinan’s planned Initial Public Offering (“IPO”) on the Parallel Market. This decision comes after the Capital Market Authority’s (the “CMA”) Board granted approval for the offering of 3,600,000 shares, representing 3% of the Company’s share capital, to Qualified Investors as per the regulations and rules of the CMA. The approval was issued on 7 Jumada al-Akhirah 1445H (corresponding to 20 December 2023G), noting that the CMA's approval for the IPO is valid for six months from the date of the resolution. Should the offering and listing not be completed within this timeframe, the approval will be considered void. The preliminary prospectus was published on 17 Rajab 1445H (corresponding to 29 January 2024G) including the offering dates which was originally scheduled for a period of five days, from Sunday, 15 Sha’ban 1445H (corresponding to 25 February 2024G) to Thursday, 19 Sha’ban 1445H (corresponding to 29 February 2024G) and since the publication of the preliminary