CMA approves Shebal Trading’s IPO on Nomu

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), has approved the listing of a 20 percent stake, or 700,000 shares of Shebal Trading Co. on the Nomu parallel market.

The initial public offering (IPO) will be confined to qualified investors, who will conduct their own due diligence and hire an authorized financial advisor if necessary, the market regulator said in a statement on Monday.

The approval on the offering is valid for six months from today, and will be cancelled if the offering and listing of the company's shares are not completed within this period.