Nayifat Co. to offer 35m shares in IPO

RIYADH: Saudi Arabia’s Capital Market Authority approved Nayifat Finance Co.’s request to offer 35 million shares representing 35 percent of its share capital, in an initial public offering.

Nayifat will publish a prospectus well in advance of the subscription period.

CMA’s approval should never be considered as a recommendation for subscribing and the approval is valid for six months from the CMA board resolution’s date, CMA said in a statement.