CMA approves Amlak International’s IPO

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), approved on Wednesday the listing of a 30% stake, or 27.180 million shares of Amlak International for Real Estate Finance Company.

The company’s prospectus will be published within sufficient time ahead of the IPO, the market regulator said in a statement.

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.

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.

Amlak was established in 2017 as a closed joint-stock firm in Riyadh, with capital of SAR 906 million. The company’s main activity is to provide real estate financing solutions for individuals and companies, and offer financial and advisory support, according to data compiled by Argaam.

Additionally, Saudi Investment Bank (SAIB) owns 32% of Amlak. The remaining stake is co-owned by Aseer Trading, Tourism & Manufacturing Co., Amlak Finance Co. (UAE), Al Tawfeek Development House Co., and Al Makarem International Real Estate Development Co.