Saudi regulator cancels Arabian Contracting float

DUBAI: Saudi Arabia’s stock market regulator said on Wednesday it had cancelled approval for a flotation by Arabian Contracting Services Co at the advertising firm’s request.

The Capital Market Authority said the company had discovered “new material information” which was not disclosed in its draft prospectus, and which needed to be assessed for its impact on operations and financial performance. It did not elaborate.

Last week, approval was issued for the sale of a 30 per cent stake in Arabian Contracting, with the offer set to run between June 10 and 16.