February 13, 2017 / 12:47 PM / in 10 months

Saudi's CMA approves listing of two companies on Saudi parallel bourse

DUBAI, Feb 13 (Reuters) - Saudi Arabia’s Capital Market Authority (CMA) said on Monday that it had approved public offerings for two companies on its bourse dedicated to small and medium-sized businesses.

Roya Real Estate Investment Company will offer 20 percent of itself in its share sale, equivalent to 8.6 million shares, with Thob Al-Aseel Company offering 20 percent of itself in its share sale, equivalent to 1.0 million shares, the CMA said.

Both offers will be confined to Qualified Investors stipulated in the Parallel Market Listing rules, the CMA said.

Announced in April last year and expected to go live in early 2017, the market is a bid to improve access to capital and encourage better corporate governance. (Reporting By Tom Arnold, editing by Hadeel Al Sayegh)

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