CMA approves direct listing of Banan Real Estate, Canadian Medical Center on Nomu

Logo of the Capital Market Authority (CMA)

The Capital Market Authority (CMA) issued its resolution approving Banan Real Estate Co. and Canadian Medical Center Co.’s applications for the registration of its shares for direct listing on the Nomu Parallel Market.

Trading these shares will be confined to qualified investors stipulated in the Glossary of Defined Terms Used in the Regulations and Rules of the CMA, the authority said in a statement.

The registration document will be published within sufficient time prior to listing.

Prospective 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 market regulator urged.

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 Implementing Regulations have been met, the statement added.

The approval on the application shall be valid for six months from the CMA board resolution date and shall be deemed cancelled if the listing of the company's shares is not completed within this period.

Banan Real Estate is active in the investment and development of income-generating properties across the Kingdom, and is currently focused on managing and renting a range of commercial and residential properties, hotels, managing and renting owned or leased properties, managing and operating hotel apartments, real estate management activities for commission, and in-kind registration services for the property, according to data compiled by Argaam.

Canadian Medical Center opened its first branch in Dammam in 2007 and currently has branches in Al Khobar and Abqaiq, which are specialized medical complexes covering various specialties and medical services for patients.

The company is one of the first national companies licensed by Saudi Aramco to provide advanced medical services to oil and gas companies, providing many innovative emergency services to industrial companies and oil and gas manufacturers in the GCC countries.

The services also include equipping and construction of medical clinics, providing specialized medical staff, supplying medicines and medical equipment, ambulance, and emergency transportation, to carry out all kinds of medical examinations (employment, residence, municipal, and examinations of companies).

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