CMA nods to ASAS Makeen’s 10% Nomu IPO

Logo of ASAS Makeen Real Estate Development Co.

The Capital Market Authority (CMA) approved today, Dec. 30, the application received from ASAS Makeen Real Estate Development Co. to float one million shares on the Nomu-Parallel Market.

The offered shares represent 10% of the company’s share capital.

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The offer will be limited to qualified investors as defined in the CMA's glossary of defined terms used in the regulations and rules. The prospectus will be published well in advance of the offering's start date.

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

According to data available to Argaam, ASAS Makeen has been active in the field of real estate development and investment for 15 years, as it has developed more than 700,000 square meters of various building areas including residential, commercial, hotel and office complexes in Riyadh.

Last month, the company completed the purchase of two land plots on King Salman Road north of Riyadh, at a value of SAR 100 million, to build commercial, residential and hotel towers worth SAR 600 million. It also signed a memorandum of understanding with Tawafuq Real Estate Co. to establish and develop a real estate project that comprises 450 residential units worth SAR 450 million in Riyadh. Further, the company inked an agreement with Dinar Investment Co. to establish a real estate fund worth SAR 500 million, and a MoU with Madanuon Real Estate Marketing Co. to set up a real estate project comprised of 300 real estate units in Madinah.