East Gas building

Saudi Paper Manufacturing Co. (SPM) and National Gas and Industrialization Co. (GASCO) announced receiving a letter from the Chairman of the board of directors of East Gas Co. today, Nov. 17, regarding the approval to start taking the necessary measures to list the company on Nomu Parallel Market.

 

Arbah Capital was appointed as a financial advisor for the process, both companies said in separate bourse statements.

 

The impact cannot be measured currently, as it will only be determined after submitting the file and obtaining the approval of the regulatory and supervisory authorities.

 

Applying for listing is subject to the requirements and approvals of the regulatory and supervisory authorities in Saudi Arabia, including the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), the Ministry of Commerce and any other regulatory authority.

 

According to data compiled by Argaam, GASCO owns 35% stake in East Gas while Saudi paper holds 26% stake in it.

 

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