CMA approves IPO of Gulf Steel Works Factory

The Capital Market Authority (CMA) has approved the listing of 30 percent, or 6 million shares, of Gulf Steel Works Company, it said in a statement on Tuesday.

The prospectus will include all relevant information including the share price, the company's financial statements, activities and management. The document will be published within sufficient time prior to the start of the subscription period.

According to the CMA, the approval will be valid for six months from the board resolution date and will be cancelled if the offering and listing of the company's shares are not completed within this period.

Established in 1993, Gulf Steel Works is owned by Pan Gulf Holding. The company fabricates equipment and heavy steel structures for the hydrocarbon processing industries, fertilizers, process chemical and primary utilities.