CMA approves Sumou Real Estate’s request to reduce shares to 1.25 mln on Nomu

The Capital Market Authority (CMA) approved Sumou Real Estate’s request of reducing the number of shares to be offered on the parallel market (Nomu) to 1.25 million shares, representing 5% of the company's share capital.

The authority said in a statement that prospective qualified investors will need to conduct their own due diligence on the information disclosed in the supplementary prospectus.

If the supplementary prospectus proves difficult to understand, CMA recommended consulting with an authorized financial advisor prior to making any investment decision.

According to data compiled by Argaam, the CMA approved in December 2019 Sumou Real Estate’s request to float 7.5 million shares, representing 30% of the company’s share capital.

The company issued its IPO prospectus, which included the subscription period from Feb. 26, 2020 to March 19, 2020.