Elm gets CMA’s nod to sell 30% stake in IPO

Logo of Elm

The Capital Market Authority (CMA) approved an application by Elm Co. to sell 24 million shares, or 30% of its share capital, in an initial public offering (IPO). 

The approval on the offering is valid for six months as of today, and will be cancelled if the offering and listing of the company's shares are not completed within this period. 

Elm is owned by the Public Investment Fund (PIF). It provides a number of services and solutions including: e-products, training and consultation solutions, IT solutions, as well as, digital outsourcing services at highest quality to meet customers’ expectations while contributing to national expertise building and IT localization. 

In August, Elm signed a share purchase agreement to acquire the entire shares of Saudi Company for Exchanging Digital Information (Tabadul) from the PIF, Argaam reported.

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