SISCO-Amiantit's Tawzea gets shareholders’ approval to list on Nomu

Logo of The International Water Distribution Co. Ltd. (Tawzea)

Saudi Arabian Amiantit Co. and Saudi Industrial Services Co. (SISCO) announced that shareholders of their subsidiary, The International Water Distribution Co. Ltd. (Tawzea), approved, on Dec. 23, to convert the subsidiary from a limited liability company to a closed joint stock company.

In two separate bourse statements, both companies indicated that the decision came after Tawzea's board of directors recommended the conversion on Dec. 16.

Shareholders also appointed Wasatah Capital as a financial advisor for Tawzea's initial public offering (IPO).

They gave the go-ahead to start taking the necessary and legal procedures to list the company on the Nomu-Parallel Market after taking the necessary approvals from the Capital Market Authority (CMA), the Saudi Exchange Co. (Tadawul), the Ministry of Commerce and other regulatory authorities.

Amiantit and SISCO own 50% of Tawzea's share capital which amounts to SAR 146 million, Argaam earlier reported.

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