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The Saudi Capital Market Authority (CMA) has approved the initial public offering (IPO) requests of two companies.
Arabian Internet and Communications Services Co. (Solutions by STC) has been given the nod to float a 20 percent stake, or 24 million shares.
The offering’s approval is valid for six months as June 28 and will be cancelled if the offering and listing of the shares are not completed within this period, the company said in a statement on the bourse.
The CMA also approved Arabian Contracting Services proposal to offer 30 percent of its share capital, or 15 million in an IPO.
(Writing by Brinda Darasha; editing by Seban Scaria)
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