Avalon Pharma gets CMA’s nod to offer 30% stake on Tadawul

06/12/2023 Argaam
Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma)

Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma)

The Capital Market Authority (CMA) approved today, Dec. 6, the application submitted by Middle East Pharmaceutical Industries Co. (Avalon Pharma) to float six million shares, or 30% of its capital, on the Saudi Exchange (Tadawul).

 

The company will issue the prospectus within sufficient time ahead of the initial public offering (IPO), the market regulator said in a statement.
 

The CMA’s approval is valid for six months as of today. It will be canceled if the offering and listing of the shares are not completed within this period.

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