CMA green lights Al Mawarid Manpower offering of 4.5 mln shares on Tadawul

Logo of Al Mawarid Manpower Co.

The Capital Market Authority (CMA) approved today, Dec. 26, the application received from Al Mawarid Manpower Co. for the registration and the offering of 4.5 million shares, or 30% of its share capital, on the Saudi Exchange (Tadawul),  the regulator said in a statement.

The company's prospectus will be published within sufficient time prior to the start of the subscription period, it said.

CMA also said the prospectus covers all relevant information that the investor needs to know before making an investment decision, including the company's financial statements, activities and management.

A subscription decision without reading the prospectus carefully or fully reviewing its content may involve high risk. Therefore, investors should carefully read the prospectus, which includes detailed information on the company, the offering and risk factors. Accordingly, potential investors should be able to evaluate the viability of investing in the offering, taking into consideration the associated risks.

If the prospectus proves difficult to understand, it is recommended to consult with an authorized financial advisor prior to making any investment decision, according to the statement.

The market regulator said its approval of the application should never be considered as a recommendation to subscribe to the offering of any specific company. It merely means that the legal requirements, as per the Capital Market Law and its Implementing Regulations, have been met.

The approval will be valid for six months as of today. It will be deemed cancelled if the offering and listing of the shares are not completed within this period.

Al Mawarid Manpower was established in 2012 as a Saudi closed joint-stock company. It mainly operates in providing employment services for technical and administrative professions in the business sector, as well as independent contractor and visits-based home cleaning services, according to Argaam's data.

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