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Saudi Arabian Amiantit Co., which owns a 13% stake in East Gas Company(EGC), said the gas distribution company has applied for approval to direct list 20% of its capital in the Riyadh's parallel market Nomu.
National Gas & Industrial Company (GASCO) with 35%, Saudi Paper Group (SPG) with a 26% stake and Arab Paper Manufacturing Company (WARAQ) with a 23% stake are the other major shareholders in East Gas, according to its website.
In a direct listing, a company sells pre-existing shares directly to the public to eliminate investment banks and underwriters, and thereby keeping costs lower.
(Writing by Brinda Darasha; editing by Seban Scaria)