Tadawul plans more reforms ahead of IPO, says CEO

The Saudi Stock Exchange (Tadawul) is planning to introduce additional reforms ahead of its planned initial public offering, which is on track to be held in 2018, the bourse’s chief executive Khalid Al Hussan said on Tuesday.

“We are planning for more changes before we opt for the IPO, the announcement by Capital Market Authority (CMA) earlier was one of those changes,” Al Hussain explained during the Euromoney Saudi Arabia conference in Riyadh.

The $411 billion bourse has already carried out an “IPO-Readiness exercise” earlier, he revealed, adding that it had also consulted with a wide array of investors as part of plans to make the stock market more accessible.

“We are working with market participants and potential foreign investors to identify necessary changes to activate the platform,” he added.

Tadawul is also expected to reveal the financial advisors which have been selected for the offering within the next few days. 

Write to Farha Abdelhaq at farha.abdelhaq@argaamnews.com