Saud Qahtani gets CMA nod for Nomu listing

The Capital Market Authority (CMA) has approved the listing of 39 percent, or 780,000 shares, of Saud Qahtani Auction Company on the Nomu parallel market, the market regulator said in a statement on Thursday.

The initial public offering (IPO) will be confined to qualified investors, who will conduct their own due diligence and hire an authorized financial advisor if necessary.

The approval on the offering is valid for six months from today, and will be cancelled if the offering and listing of the company's shares are not completed within this period, the statement added.