CMA nods to Edarat Communications registration for direct listing on Nomu

Logo of Edarat Communications and Information Technology Co.

Saudi Arabia’s Capital Market Authority (CMA) approved the application of Edarat Communications and Information Technology Co. to register its shares for direct listing on Nomu-Parallel Market.

Trading these shares will be limited to qualified investors, the market regulator said in a statement today, Nov. 28.

Prospective qualified investors should conduct their own due diligence on the information disclosed in the registration document.

The approval of the application will be valid for six months from the CMA board resolution date.

Accordingly, the approval will be deemed cancelled if the target listing is not completed within this period, the statement said.

Al Moammar Information Systems Co. (MIS) owns 50% of Edarat Communications.

In a previous statement, MIS said Yaqeen Capital was hired as financial advisor on Edarat Communications’ direct listing on Nomu.