CMA approves Arabian Contracting Services IPO

The Capital Market Authority (CMA) approved Arabian Contracting Services Co.'s request to offer 15 million, or 30% of its share capital, in an initial public offering (IPO), according to a statement.

The offering prospectus will be published before the start of the subscription period.

In May 2015, the contractor obtained the CMA’s approval of the offering. However, a complaint filed against the company related to its ownership structure led to the cancellation of its planned IPO, Argaam reported.

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