CMA Greenlights IPOs for Modern Mills and Al Taiseer Aluminium Company
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The Capital Market Authority (CMA) has granted its nod for the registration and initial public offerings (IPOs) of both Modern Mills for Food Products Company and Altaiseer Group Talco Industrial Company, popularly recognized as Al Taiseer Aluminium Company.
These approvals, as disclosed, were finalized on December 31, 2023.
Modern Mills is gearing up to introduce 24.54 million shares to the market, which stands as 30% of its overall share capital.
A formal prospectus detailing the company's financials and offerings is anticipated to be unveiled well in advance of the subscription period, providing potential investors with comprehensive insights.
Similarly, Al Taiseer Aluminium Company has received clearance to list 12 million shares, also constituting 30% of its total share capital.
This move underscores the company's strategic expansion plans and aims to leverage market opportunities effectively.
In a related development, United International Holding Company, an affiliate of the renowned United Electronics Company, commonly referred to as eXtra, is on track to initiate its public offering.
However, this will be subject to obtaining essential endorsements from eXtra's shareholders, alongside requisite approvals from the CMA and the Saudi Exchange, Tadawul.
Source: Mubasher
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