CMA OKs Munawla Cargo’s 20% stake sale on Nomu

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The Capital Market Authority (CMA) approved today, June 20, the application received from Munawla Cargo Co. to register and sell 200,000 shares, or 20% of its capital, on Nomu-Parallel Market, the market regulator said in a statement. 

The offering will be confined to qualified investors as stipulated in the glossary of defined terms used in the regulations and rules of the Capital Market Authority. The prospectus will be published within sufficient time prior to the start of the offering, according to the statement. 

The CMA’s approval is valid for six months from the date of its board's resolution. It will be deemed cancelled if the offering and listing of the company's shares are not completed within such a period. 

Munawla was established in 1997 as a closed joint stock company in Saudi Arabia to provide shipping services. 

According to the company’s website, Munawla headquarters is located in Dammam. It has branches in Riyadh and Jeddah to provide meet local market needs. The company world reliable agents who are also operating NVOCC services, which allow them to negotiate competitive freight with manor shipping lines. 

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