Saudi Tadawul Group to proceed with listing of shares

Saudi Tadawul Group to proceed with listing of shares

Saudi Tadawul Group Holding Company, the owner and operator of the Kingdom's stock exchange, announced on Sunday its intention to proceed with its initial public offering (IPO) and list its ordinary shares on the bourse’s main market. This comes after the Gulf state’s regulator, Capital Markets Authority (CMA), signed off on the exchange’s IPO last week. The operator of the bourse will offer 36 million ordinary shares, representing 30 percent of its issued share capital of 120 million shares through a sale of existing shares by the sole shareholder, the Public Investment Fund (PIF). Tadawul has a market capitalisation of over 10 trillion riyals ($2.6 trillion). Once listed, it will become the third publicly traded stock exchange in the region after the Dubai Financial Market (DFM) and Boursa Kuwait. (Writing by Brinda Darasha; editing by Cleofe Maceda) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here . © ZAWYA 2021