Almajed Oud gets CMA nod to offer 7.5M shares on TASI

Logo of Almajed for Oud Co.

The Capital Market Authority (CMA) approved an application submitted by Almajed for Oud Co. to sell 7.5 million shares, or 30% of its capital, in an initial public offering (IPO) on the main market (TASI).

The prospectus will be published ahead of the planned share sale, the market regulator said in a statement today, June 3.

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

Established in 1956, Almajed Oud operates in the trade and production of oud and perfumes through the wholesale sector. The company expanded its customer base in the retail trade sector, through its 300 sales platforms in Saudi Arabia, Kuwait, the UAE, Bahrain, Oman, and Qatar.