CMA green lights Molan Steel's 20.02% stake sale on Nomu

Logo of Molan Steel Co.

The Capital Market Authority (CMA) approved today, Sept. 26, the application received from Molan Steel Co. for the registration and offering of 532,400 shares on Nomu-Parallel Market, according to a statement.

This represents 20.02% of Molan Steel’s capital, which amounts to a total of 2.66 million shares.

The offering will be confined to qualified investors as stipulated in the glossary of defined terms used in the CMA’s regulations and rules. 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 decision 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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