CMA approves Mayar Holding's direct listing on Nomu

Logo of Mayar Holding

Mayar Holding obtained the approval of the Capital Market Authority (CMA) for direct listing on Nomu-Parallel Market, according to the authority's website.

Trading these shares will be confined to qualified investors stipulated in the glossary of defined terms used in the CMA regulations and rules.

The registration document will be published within sufficient time prior to listing, the market regulator said.

It added that the qualified investors should conduct their own due diligence on the information disclosed in the registration document.

If the registration document proves difficult to understand, it is recommended to consult with an authorized financial advisor prior to making any investment decision.

The CMA's approval on the application should never be considered as a recommendation to invest in the shares of the company. It merely means that the legal requirements as per the Capital Market Law and its Executive Regulations have been met.

The approval is valid for six months from the CMA resolution date. It will be deemed cancelled if the listing is not completed within this period.

In 1999, Mayar established Gulf Elevators & Escalator Co. (GEEC) to cater to the Saudi elevator and escalator market, according to data available with Argaam.

The company then expanded in the same industry by establishing several firms to sell and maintain elevators and escalators across the Kingdom. It also established another factory in Egypt, with further plans to expand in Africa.

Investing in the plastics industries, Mayar acquired two factories in Saudi Arabia and Egypt for semi-finished and end products. It also acquired an animal feedstock factory and established a poultry production firm.