Saudi market approves ARAMCO’s IPO

RIYADH, Saudi Capital Market Authority (CMA) announced Sunday approving ARAMCO’s request to register and list part of its shares for initial public offering (IPO).

CMA added in a press release today that it would publish a bulletin before the IPO due date, in order to offer financial information about ARAMCO, including information of its activities and departments, as any investor is interested could view them before deciding to invest.

CMA’s approval is valid only for six months since the date of issuance, where the approval would be considered as cancelled in case ARAMCO’s incompleteness of shares offering and listing.

CMA approval should not be considered as validation of investment feasibility, as the approval only reflects ARAMCO’s abidance to CMA’s regulations.

Source: Kuwait News Agency