SMASCO gets CMA approval to float 30% stake on TASI

Logo of Saudi Manpower Solutions Co. (SMASCO)

Saudi Manpower Solutions Co. (SMASCO) obtained the approval of the Capital Market Authority (CMA) to register and offer 120 million shares, representing 30% of the company's share capital, on the main market (TASI).

The IPO prospectus will be published within sufficient time prior to the start of the subscription period.

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The approval will be valid for six months from the CMA resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

SMASCO was established in 2012 in Riyadh to provide manpower services, with paid-up capital of SAR 100 million. Accordingly, SMASCO is the first manpower services provider licensed by the Ministry of Human Resources and Social Development in Saudi Arabia.

In 2019, SMASCO established Saudi Logistics Services Co. and expanded its geographical reach to the UAE with Raha Almanzil.

In 2020, the company set up three subsidiaries, Areeb, Terhab, and Romoz. In 2021, SANEEM was established as an investment fund to invest in startups.

The prospectus includes 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. Thus, providing potential investors the ability 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.

The CMA's approval on the application should never be considered as a recommendation to subscribe in the offering of any specific company. The CMA's approval on the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.