The Saudi Capital Market Authority (CMA) cancelled on Wednesday Arabian Contracting Services’ initial public offering (IPO), based on the company’s request.

 

The decision came after the company said it needed to assess new information, which was not disclosed in the draft prospectus initially submitted to the CMA upon approval.

 

Arabian Contracting said it will reconsider the new data's material impact on its operations and financial performance.

 

Earlier this month, Argaam had reported on the CMA's approval of the IPO. The company was preparing to offer 30 percent of its capital, or 16.5 million shares.

Comments 0

Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website