CMA approves Morabaha Marina’s offering of 21.43 mln shares on Tadawul

Logo of Morabaha Marina Financing Co.

The Capital Market Authority (CMA) approved today, Dec. 26, the application submitted by Morabaha Marina Financing Co. (MMFC) to register and offer 21.43 million shares, or 30% of its capital, on the Saudi Exchange (Tadawul).

The company will publish the prospectus within sufficient time ahead of the initial public offering (IPO), the market regulator said in a statement.

The prospectus covers all relevant information that the investor needs to know before making an investment decision, including the company’s financial statements, activities and management.

The CMA’s approval is valid for six months as of today. It will be cancelled if the offering and listing of the shares are not completed within this period.

Established in 2012, MMFC is a pioneering Shariah-compliant financing platform offering a wide range of services to individuals as well as small- and medium-sized enterprises (SMEs).

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