Saudi Arabian regulator approves Yamamah Steel IPO
Saudi Arabia's Capital Market Authority has approved an initial public offer of shares in Al Yamamah Steel Industries Co., the regulator said on Monday, after severe volatility in the stock market earlier this year disrupted listing plans. The maker of steel tubes, pipes and other products with plants in Jeddah, Dammam and Yanbu will offer 15.25 million shares representing 30% of its capital between 27 April and 3 May. Some of the shares will be allocated to institutional investors, the CMA said without giving details. (Reuters)
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