Al Watania for Industries gets CMA approval to float 24 mln shares on Tadawul

Logo of Al Watania for Industries Co.

Al Watania for Industries Co. obtained the Capital Market Authority’s (CMA) approval to float 24 million shares on the Saudi Exchange (Tadawul), according to a statement today, Dec. 28.

This represents 30% of the company’s share capital.

The offering will be confined to qualified investors stipulated in the glossary of defined terms used in the regulations and rules of the CMA.

The prospectus will be published within sufficient time prior to the start of the offering.

The approval is effective six months from the CMA’s resolution date. It will be deemed canceled if the offering and listing of the company's shares are not completed within this period.

Al Watania for Industries is a closed joint stock company with SAR 800 million capital. It operates in in the production and manufacture of paper and plastic products, as it owns 11 factories in Riyadh, Jeddah, Dhurma, Dubai and the Sultanate of Oman, according to Argaam's data.

Al Watania for Industries is a subsidiary of the Endowment of Sheikh Suleiman bin Abdulaziz Al-Rajhi Holding Group. Part of the company's operating profit is allocated for developing the industrial endowment.

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