CMA approves offering 30% of Al Masane Al Kobra in IPO

Logo of Al Masane Al Kobra Mining Co. (AMAK)

The Capital Market Authority's (CMA) board approved today Al Masane Al Kobra Mining Co.'s (AMAK) application for the offering of 19.8 million shares, representing 30% of capital, according to the market regulator's statement.

The company's prospectus will be published within sufficient time prior to the start of the subscription period.

The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the company's financial statements, activities and management, CMA said.

A subscription decision without reading the prospectus carefully or fully reviewing its content may involve high risk. Therefore, investors should carefully read the prospectus, which includes detailed information on the company, the offering and risk factors, according to the statement.

If the prospectus proves difficult to understand, it is recommended to consult with an authorized financial advisor prior to making any investment decision.

The CMA's approval on the application should never be considered as a recommendation to subscribe in the offering of any specific company, as such approval on the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.

The market regulator added that its approval on the application shall be valid for six months from the date of the board's decision. The approval shall be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

The company was established in 2007 and started work in the copper and Zink mining and processing plant in 2010, according to Argaam's data.

The company began commercial production of copper and Zink concentrates in 2021.

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