Saudi regulator gives nod to Awazel’s IPO plans

Dubai: The Capital Market Authority (CMA) said on Thursday it has approved the Arabian Waterproofing Industries’ (Awazel) plan to offer 30 per cent or 8.1 million shares of the company’s share capital through an initial public offering.

“A portion of the offered shares will be allocated to institutional investors. The company’s shares will be offered during the period from October 30 to November 5, the regulator said in a statement.

The company’s prospectus will be published within sufficient time before the start of the subscription period. The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the share price, company’s financial statements, activities and management, the regulator added.