CMA green lights United Mining Industries' 12.5% stake sale on Nomu

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The Capital Market Authority (CMA) approved today, June 20, the application received from United Mining Industries Co. for the registration and offering of 1.75 million shares, or 12.5% of its capital, on Nomu-Parallel Market.

The offering will be confined to qualified investors as stipulated in the glossary of defined terms used in the regulations and rules of the Capital Market Authority. The prospectus will be published within sufficient time prior to the start of the offering, according to the statement.

The market regulator stated that its approval of the application should never be considered as a recommendation to invest in the company's offering of shares. The approval merely means that the legal requirements as per the Capital Market Law and its implementing regulations have been met.

CMA also noted that its approval on the application will be valid for six months from the date of its board's decision, adding that the approval will be deemed cancelled if the offering and listing of the company's shares are not completed within such a period.

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