Riyadh – The Capital Market Authority (CMA) approved the initial public offering (IPO) of Power and Water Utility Company for Jubail and Yanbu (Marafiq).

Marafiq plans to offer 73.09 million shares, which represents 29.24% of its share capital, on the Saudi Exchange (Tadawul), according to a recent bourse filing.

In separate bourse disclosures, the CMA greenlighted the requests of Saudi Top for Trading Company and Molan Steel Company to trade their shares on the Parallel Market (Nomu) of Tadawul.

Saudi Top for Trading intends to list 880,000 shares, equivalent to 22% of its share capital, on Nomu, while Molan Steel would offer 532,414 shares, accounting for 20.02% of its share capital.

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